Homestead Act Form Massachusetts In Kings
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FAQ
The Homestead Act, enacted during the Civil War in 1862, provided that any adult citizen, or intended citizen, who had never borne arms against the U.S. government could claim 160 acres of surveyed government land. Claimants were required to live on and “improve” their plot by cultivating the land.
You can only declare a homestead on your principal residence. You can have more than one residence, but the law only allows protection on your primary dwelling. There are currently no legislative plans to allow the exemption to apply to a vacation home that is not a principal residence.
Homestead declaration protects against attachment, seizure, execution on judgment, levy or sale for the payment of debts up to one million dollars ($1,000,000) per residence, per family.
Filing a Declaration of Homestead costs thirty-five dollars ($35.00). Personal checks should be made payable to the Commonwealth of Massachusetts. Each owner, whether or not they qualify for an elderly or disabled exemption, must sign and acknowledge the document under the penalties of perjury before a notary public.
Requirements. Own and occupy the property as of July 1 of the tax year. Must be 65 years old by July 1 of tax year. Own and occupy any real estate in Massachusetts for 5 years, or surviving spouse who inherited the property and occupied it, or other real property in Massachusetts for 5 years.
Currently eleven municipalities in Massachusetts use the residential exemption: Boston, Brookline, Cambridge, Chelsea, Marlboro, Nantucket, Somerset, Somerville, Tisbury, Waltham, and Watertown.
Up to $1,000,000 of Protection is Available. You can file a formal Declaration of Homestead to protect up to $1,000,000 of your home's value. A Declaration of Homestead becomes effective when it is signed by all the property's owners and recorded at the Registry of Deeds.
Massachusetts laws Includes clauses for real estate tax exemptions for blind persons, qualifying senior citizens, qualifying surviving spouses, minor children and elderly persons, qualifying veterans, and religious and charitable organizations.
Social Security benefits are not included in Massachusetts income. For federal purposes, these benefits may be included in federal gross income depending on income thresholds. Pension Income is generally included in both Massachusetts and federal income.
If you own and occupy (or intend to occupy) your home as a principal residence, you can file a homestead protection.
