Florida Homestead Exemptions Ideally, every person would like to have both the Florida Homestead exemption AND be considered a Florida resident for tax purposes. But until that is possible, I would highly recommend that every homeowner at least consider applying for the exemption. The benefits include: 1. Up to $50,000 exemption in the assessed value of your home for tax purposes; 2. Creditor protection. This protection includes prohibiting creditors from forcing the sale of the home to satisfy a debt. Learn more about the six months and a day rule as well as why millage rates matter.
