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. So, a homestead exemption is a legal provision designed to protect the value in a principal dwelling place.Exemption applications must be filed with your local assessor's office. See our Municipal Profiles for your local assessor's mailing address. The homestead exemption and Save Our Homes assessment limitation help thousands of Florida homeowners save money on their property taxes every year.