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. 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.The homestead exemption and Save Our Homes assessment limitation help thousands of Florida homeowners save money on their property taxes every year. The deadline to file for homestead exemption is March 1st of the current tax year. Homestead: This exemption can help homeowners reduce state property taxes and protect surviving spouses from creditors.