Property owners in Florida may be eligible for exemptions and additional benefits that can reduce their property tax liability. If you're planning to claim a homestead exemption, you must first apply for a Florida driver's license.Filing for Florida's Homestead Exemption can offer you tax savings when you own real estate in Florida. 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. You must file a new application for your new residence. 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. When to file: Application for all exemptions must be made between January 1 and March 1 of the tax year. Homestead Exemption can provide significant property tax savings. This online application will walk you through the qualifications and application process. Florida law provides for many property tax exemptions that will lower your taxes, including homestead exemption.