Yes — Florida's homestead portability provision allows owners to transfer up to $500,000 of accumulated SOH differential to a new Florida primary residence purchased within two years of selling or abandoning homestead on the original property. This benefit is frequently overlooked by buyers upgrading from a long-held Florida primary residence to a new luxury development.
Florida law allows homeowners to "port" their accumulated Save Our Homes benefit when they purchase a new Florida primary residence.
If you have been homesteaded in a Florida property for 10+ years and have accumulated a $2 million difference between assessed value and market value (the SOH differential), you can apply up to $500,000 of that differential to a new Florida primary residence you purchase within two years of selling or abandoning homestead on the original property.
For long-term Florida residents upgrading from a primary home they have owned for many years to a new luxury development, the portability benefit can provide immediate, significant property tax relief on the new property. It is a tool frequently overlooked even by experienced Florida real estate advisors.