A homestead exemption can benefit homeowners if one spouse in a twoincome household dies. A few states do not provide a specific homestead exemption, while others provide exemptions based on total property area as opposed to a maximum monetary value.Property owners in Florida may be eligible for exemptions and additional benefits that can reduce their property tax liability. The deadline to submit a homestead and all exemption applications is March 1 following the year of your home purchase. A homestead means a dwelling in which a person resides. The dwelling may be a house, condominium, or mobile home. 5, Florida residents won't just be voting for president. Under the Arizona homestead exemption law, the following are exempt (up to applicable exemption amount, which is discussed below):. News, results, paint schemes, archives and a ton more from all three NASCAR national series.