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. A homestead exemption can benefit homeowners if one spouse in a twoincome household dies.You cannot transfer your homestead exemption when you move from a previous Florida homestead to a new Florida homestead. So, a homestead exemption is a legal provision designed to protect the value in a principal dwelling place. 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. A homestead exemption can save you thousands of dollars in property taxes and it can also save you from certain liabilities. To be eligible for a homestead exemption, you must own and occupy your home as your permanent residence on January 1.
