The homestead exemption and Save Our Homes assessment limitation help thousands of Florida homeowners save money on their property taxes every year. You can apply for the Florida homestead exemption as long as you are a permanent Florida resident, and the homestead property is your primary residence.You must own and be resident in the property on January 1 of the current year to be eligible to file for the current year. Your Homestead is your home that you own (not rent) and live in as your permanent residence in Florida. You can only have ONE Homestead.