The homestead exemption and Save Our Homes assessment limitation help thousands of Florida homeowners save money on their property taxes every year. Homestead tax exemptions shelter a certain dollar amount or percentage of home value from property taxes.✓ Learn here today! 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. The property tax exemption clause of Article VI renders property tax-free to the extent of certain dollar amounts in the value of the homestead. A vacation home or rental property cannot be a homestead property.