Application For Residential Homestead Exemption For 2023 In Massachusetts
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FAQ
To protect the value of your property up to one million dollars ($1,000,000) per residence, per family, you must file a document called a “Declaration of Homestead”. You can file this form at the Registry of Deeds in the county or district where your property is located, referencing the title/deed to the property.
You must be 70 or older. For Clauses 41C and 41C½, the eligible age may be reduced to 65 or older, by vote of the legislative body of your city or town. You must own and occupy the property as your domicile.
The Residential Exemption establishes a "graduated tax", reducing the taxes of lower valued properties while increasing the taxes of higher valued properties and non‐ owner‐occupied residential properties.
For dates of death on or after January 1, 2023, the personal representative of a decedent who was a domiciliary of Massachusetts must file a Massachusetts Estate Tax Return (Form M-706) if the gross value of the decedent's estate, plus adjusted taxable gifts, exceeds $2,000,000.
This calculation is made as follows: Estate tax = (Gross value of real property and tangible personal property in Massachusetts ÷ Federal gross estate) × Credit for state death taxes.
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.
To protect the value of your property up to one million dollars ($1,000,000) per residence, per family, you must file a document called a “Declaration of Homestead”. You can file this form at the Registry of Deeds in the county or district where your property is located, referencing the title/deed to the property.
Filing threshold for year of death Year of DeathIf Amount Described Above Exceeds: 2022 $12,060,000 2023 $12,920,000 2024 $13,610,000 2025 $13,990,00011 more rows •
