You must file the Transfer of Homestead Assessment Difference Form DR-501T with the homestead application Form DR-501 for your new home. Property owners in Florida may be eligible for exemptions and additional benefits that can reduce their property tax liability.Michigan Homestead Laws offer a robust form of protection for homeowners, akin to Florida's Homestead Exemption. To claim a homestead exemption, a Florida resident must file an annual application with the county property appraiser. After you have created your online account and gathered the required documents necessary to qualify for the exemption that you are applying for. Principal Residence Exemption Forms. This Video Shows you How to Complete an Application for Homestead Exemption. After you have created your online account and gathered the required documents necessary to qualify for the exemption that you are applying for. A tax credit for qualified Michigan home owners and renters, which helps to pay some of the property taxes homeowners or renters have been billed. This guide will delve into homestead exemptions, what they are, who is eligible, how to apply, which states have them, and more.