Several people recently asked me about the dollar amount of the current Homestead exemption. It is now $500,000 for both the regular Homestead (MGL c.188, s.1) and for the Elderly or Disabled Homestead (MGL c.188, s.1A). I recently did some research regarding the growth of that amount through the years for the "regular" Homestead and thought that progression would be of interest to readers (info on the "elderly" amount will be forthcoming in the future).
prior to 1939, the exemption was $800. In 1939, it was increased to $4000. The following list shows the year and the amount of subsequent increases:
1970 - $10,000
1973 - $20,000
1974 - $24,000
1975 - $30,000
1979 - $50,000
1983 - $60,000
1985 - $100,000
2000 - $300,000
2004 - $500,000
Wednesday, May 12, 2010
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1 comment:
Hmmm. The increases over the years have been to keep up with the inflation of home values. Maybe it's time to lower the exemption! :-)
In all seriousness, it would be nice to see the legislature address, once and for all, the two big questions everyone has about the homestead: "Do I have to file after I refinance?" and "Why can't both tenants by the entirety each put on a homestead, but two tenants in common can?"
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