If so, don’t miss out on huge tax savings! If you qualify for homestead exemption, you are entitled to a deduction of $25,000 off of your property’s assessed value. This can result in saving several hundred dollars in taxes! If your home is worth at least $75,000 you will receive an additional $25,000 deduction on your property’s assessed value. You may also qualify for additional homestead exemptions if you are 65 years or older or have a disability. But most importantly, by filing for homestead exemption, this means that the assessed value of your property cannot increase more than 3% per year. This tax savings can now be transferred to a new Florida residence in case you move. For more details about homestead exemption, please visit your county’s property appraiser’s website.