Homestead Exemption. Benefit to Homestead Exemption.We are providing this service in an attempt to make filing for homestead exemption and other personal exemptions more convenient for you, the property owner. Are You Eligible For A Homestead Exemption? 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. Permanent Florida residency required on January 1. The Homestead Exemption is a legal mechanism designed to provide qualified homeowners with a reduction in their property's taxable value. The homestead exemption and Save Our Homes assessment limitation help thousands of Florida homeowners save money on their property taxes every year. The Florida Homestead Exemption law is a property tax break. Proof of ownership of your property in the form of a copy of a tax bill or your deed.