The Chief County Assessment Office has authority to recapture taxable value in instances where property owners have received homestead benefits erroneously. A homestead exemption either subtracts a percentage of your home's assessed value or a specific dollar amount.How to file for Homestead in Florida. The property appraiser determines if a parcel is entitled to an exemption. Homestead Exemption, Save Our Homes Assessment Limitation, and Portability Transfer. This example of the Illinois homestead exemption is typical. The homestead can't exceed one acre in a city or 160 acres in a rural area. Homestead Improvement Exemption. This exemption is available to qualified homeowners who have made improvements to their principal dwelling place. Homestead Improvement Exemption.
