Homestead Exemption Application For Senior Citizens In Massachusetts
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Senior Means Tested Exemption Applications may be filed between April 16, 2024 - September 3, 2024. If an application is granted a homeowner may be eligible to receive up to a 50% exemption of their real estate taxes, dependent on income and asset level.
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.
Income Threshold For tax year 2024, the taxpayer's total income cannot exceed (i) $72,000 for a single taxpayer, (ii) $91,000 for head of household and (iii) $109,000 for married couples filing a joint return.
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.
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.
Age 65 or Over Exemption You're allowed a $700 exemption if you're age 65 or older before the end of the year. If filing a joint return, each spouse may be entitled to 1 exemption if each is age 65 or over on or before December 31 (not January 1 as per federal rule) of the tax year.
(As of August 2024) All Massachusetts homeowners who own a home as their primary residence are eligible for a $1,000,000.00 “declared homestead exemption” via a written declaration filed with the Registry of Deeds where the property is located.
How is the Homestead established? Section 4 of MGL Ch. 188 provides an automatic exemption available to everyone who owns a home and who occupies or intends to occupy the home as his or her principal residence. This exemption is for $125,000.00.
