Free Legal Advice Friday: Always homestead your primary residence in Florida. That is because you can save yourself up to $50,000 in valuation on your primary residence. Ex: Let’s say your primary residence is valued at $100,000 (easy math). The first $25,000 in valuation is fully exempt from all taxes (including property taxes and school district taxes). You pay full taxes on any value between $25,000 and $50,000. However, from $50,000-$75,000 you are exempt from any taxes except for school district taxes. After $75,000, you would be fully taxed. Thus, though your primary residence is worth $100,000 would only be taxed at $50,000 valuation. That could potentially save you hundreds if not thousands of dollars.