The Palm Beach County Homestead Exemption is a tax relief program available to permanent residents of Florida who own and occupy their 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.Homestead Exemption. The homestead exemption and Save Our Homes assessment limitation help thousands of Florida homeowners save money on their property taxes every year. The exemption is not automatic. The exemption is not automatic. Florida is unique in the nation as one of the few states that has an almost unlimited homestead exemption.