The homestead exemption and Save Our Homes assessment limitation help thousands of Florida homeowners save money on their property taxes every year. This article explains how to get a homestead exemption on a property you inherited in Texas.Exempt Personal Property. Homestead property in Florida is exempt from probate and is not considered part of the estate to pay creditors. Applicants must file a Form CC-501 – Original Application for Homestead and Related Tax Exemptions, to apply for the homestead exemption on the new homestead. Applicants must file a Form CC-501 – Original Application for Homestead and Related Tax Exemptions, to apply for the homestead exemption on the new homestead. Your homestead must be within the state of Florida to be eligible for protection and you must be a permanent resident of Florida. Between Florida and Texas, Florida has the stronger homestead exemption. While both states protect an unlimited value of homestead property. Applicants for this exemption must submit the Application for Homestead Tax Discount (DR- 501DV ).
