You must file for your homestead exemption no later than March 1st. Property owners in Florida may be eligible for exemptions and additional benefits that can reduce their property tax liability.To qualify for the homeowners' exemption, the home must have been the principal residence of the owner as of January 1 of that tax year. To qualify for the exemption, you must be a permanent resident of Florida, and the home must be your primary residence. The regular filing deadline is February 15th to receive the full exemption. All three living on the property and qualifying for the homestead creditor exemption creates a complete shield on the property from creditors. By law, a homestead exemption is not transferable. If you move, your homestead exemption does not automatically follow you to your new residence. The Florida Save Our Homes benefit is another attractive feature that comes with the homestead exemption. How are tax exemptions taken into account?