Deadline is March 1 to apply for your Homestead Exemption if you purchased last year, and this is your primary residence. The homeowner must file a claim for homestead exemption with the state. Homestead exemptions remove part of your home's value from taxation, so they lower your taxes. Every person who owns and resides on real property in Florida on January 1 and makes the property their permanent residence is eligible to receive a homestead exemption up to $50,000.. Requirements The owner must have legal or beneficial title to the property recorded in Hillsborough County by January 1 (7 comments)