The Florida Homestead Exemption entitles homeowners to a deduction of their property’s assessed value and may result in several hundreds of dollars in tax savings! In the state of Florida, a $25,000 exemption is applied to the first $50,000 of your property’s assessed value if your property is your permanent residence and you owned the property on January 1 of the tax year. This exemption applies to all taxes, including school district taxes. Application for all exemptions must be made between January 1 and March 1 of the tax year and are usually available online in addition to at your local appraisers office. The added bonus of filing your exemption is being sued and your home being protected under the Homestead Act.