Principal Residence Required: The Homestead Exemption in New York only applies to the debtor's primary residence. The Florida homestead exemption is a property tax break that's offered based on your home's assessed value and provides exemptions within a certain value limit.You cannot transfer your homestead exemption when you move from a previous Florida homestead to a new Florida homestead. To qualify for Homestead Exemption (F. 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.