Permanent Florida residency required on January 1. All persons seeking homestead exemption must complete an original application (Form DR-501).How do I apply for the homestead exemption? Apply Online: Most applicants are able to apply for Homestead Exemption online. Filing for Florida's Homestead Exemption can offer you tax savings when you own real estate in Florida. If your property is your permanent residence, or homestead, you may be eligible for a tax exemption. Several types of exemptions are available. If your property is your permanent residence, or homestead, you may be eligible for a tax exemption. Several types of exemptions are available. 196, and Florida Administrative Code Ch. 12D7.6.