The Florida homestead exemption is a property tax break that's offered based on your home's assessed value and provides exemptions within a certain value limit. The most common real property exemption is the homestead exemption.The property owner must reside in the home as of January 1 of the calendar year to qualify for the exemption. Florida's homestead exemption that provides an exemption from forced sale before and at death are among the most protective in the United States. To receive the benefit of the homestead exemption, the taxpayer must file an initial application. This video covers how to fill out Texas Residential Homestead Exemption with a focus on Bexar County. Homestead: This exemption can help homeowners reduce state property taxes and protect surviving spouses from creditors. Florida's Amendment 5 would index the homestead exemption to inflation. Like the homestead exemption, only school districts are required to offer this exemption.