✓ Learn here today! The Palm Beach County Homestead Exemption is a tax relief program available to permanent residents of Florida who own and occupy their primary residence.Homeowners need to fill out an application and provide proof of residency on or before March 1 of the year they plan to claim the exemption. The exemption is not automatic. In order to be eligible for this exemption, you must own real property, making it either your permanent residence or the permanent residence of you dependent. You have until January 1 of the third year after giving up your prior homestead exemption to request the new exemption and claim exemption portability. Sebring FL USDA Loans. A: Fill out the DR501T "Transfer of Homestead Assessment Difference" application when you file an application for your new homestead exemption.