Check List – Fill out the Homestead Declaration Form completely, sign it and have it notarized. As a property owner in Florida, homestead exemption is one way to reduce the amount of real estate taxes you pay on your residential property.Save thousands on property taxes! Homestead Exemption. Homestead Exemption. Parcel identification number or legal description. Complete Part A of Form DR-501SC, providing all of the information requested for each person residing in your homestead. Required Documentation for Homestead Exemption. Top Five Things that May Cause You to Lose Your Homestead Exemption. Renting your property for more than 30 days per calendar year, for 2 consecutive years.