This can provide asset protection from creditors for at least some of house's value. Property owners in Florida may be eligible for exemptions and additional benefits that can reduce their property tax liability.To qualify, the home must be: • owner-occupied, and. • the homeowners' primary residence. This web page is to make homeowners in the Town of Smithtown aware of several Real Property Tax Exemptions that are currently available. When to file: Application for all exemptions must be made between January 1 and March 1 of the tax year. All Exemption Applications must be filed on or before March 1st. No email or faxed applications will be accepted. Claiming a Florida homestead exemption involves some very specific requirements that must be completed within a specified time frame. The state does not provide any additional homestead exemptions for property that is held as a tenancy in the entirety.