If you're planning to claim a homestead exemption, you must first apply for a Florida driver's license. All legal Florida residents are eligible for a Homestead Exemption on their homes, condominiums, co-op apartments, and certain mobile home lots if they qualify.The deadline to file for homestead exemption is March 1st of the current tax year. Filing for Florida's Homestead Exemption can offer you tax savings when you own real estate in Florida. You are 65 years of age or older as of January 1 in the year you file for the exemption. The homestead exemption and Save Our Homes assessment limitation help thousands of Florida homeowners save money on their property taxes every year. Applicants must file a Form CC-501 – Original Application for Homestead and Related Tax Exemptions, to apply for the homestead exemption on the new homestead. If you own your home, reside there permanently and are a Florida resident as of January 1, you may qualify for homestead exemption. A person must occupy and reside in the property in order for it to qualify for homestead protection. The Homestead Exemption is required for this exemption.