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.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. All legal Florida residents are eligible for a Homestead Exemption on their homes, condominiums, co-op apartments and certain mobile home lots. Want to know what the homestead exemption is all about? What benefits do you get as a homeowner when you apply the homestead exemption? If you co-own the home with someone other than your spouse, your share of the home's value will be exempted. Q. I already have a homestead exemption.
