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.In order to qualify for homestead exemption: You must be a Florida resident. Meet the March 1 filing deadline. The exemption is not automatic. 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. Contiguous property up to 160 acres is also included in the homestead even if the contiguous property has separate legal descriptions and tax numbers. Florida is unique in the nation as one of the few states that has an almost unlimited homestead exemption.