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Homestead exemption will give you a deduction on your yearly Real Estate Property.
Homestead Exemption is only for Florida resident and for the property you live in. You need to file for your Homestead exemption by March 31st of each year.
Homestead exemption will give you a deduction on your yearly Real Estate Property Tax and also on the profit when you sell.
Benefit from tax free Adjustment:
If your Miami Home is your primary residence for at least 2 of the last five years you have a tax free benefit on the first 500 KUSD of profit (if married and you live there with your wife) or 250 KUSD if single.
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