The Homestead Exemption reduces the taxable portion of your property assessment if you own your primary residence in Philadelphia. Certain property tax benefits are available to persons age 65 or older in Florida.Eligibility for property tax exemp ons depends on certain requirements. Permanent Florida residency required on January 1. The Taxpayer Relief Act provides for property tax reduction allocations to be distributed to school districts through a "homestead or farmstead exclusion." Senior Exemption for persons 65 and older (Based on a limited income). And if a surviving spouse moves to a new primary residence, they would need to reapply for the exemption. 2. Located north of Philadelphia, Montgomery County has property tax rates near the state average, but much higher than those in the City of Brotherly Love. Property Taxes and Homestead Law. Florida offers two distinct benefits concerning your primary residence.