The Hillsborough county homestead exemption allows for a $50,000 reduction from your assessed property value. So if your homes assessed value is $150,000 you will only be taxed on $100,000, the additional $25,000 does not apply to school taxes. To qualify for homestead exemption you have to be a primary owner with resident status in Hillsborough county. In addition to the $50,000 exemption owners assessed value can not go up more than 3% per year which is known as save our homes. For a detail explanation of the Hillsborough County homestead exemption here.