Homestead exemption amounts thru the years

Since 2011, homeowners in Massachusetts have an automatic homestead that protects up to $125,000 in the equity of the family residence. If the homeowner files a Declaration of Homestead at the registry of deeds, the exemption amount rises to $500,000.

The exemption amount wasn't always that high. Prior to 1939, it was $800. Here is how it has risen through the years:

• 1939 - increased to $4,000
• 1970 - increased to $10,000
• 1973 - increased to $20,000
• 1974 - increased to $24,000
• 1975 - increased to $30,000
• 1979 - increased to $50,000
• 1983 - increased to $60,000
• 1985 - increased to $100,000
• 2000 - increased to $300,000
• 2004 - increased to $500,000

These are the amounts for the "regular" homestead. At some point, a separate homestead for the "elderly or disabled" was created. Through the years, the "elderly" homestead has either had a higher exemption amount or has been applied more favorably to the homeowner.

For information about the Declaration of Homestead, check out Massachusetts General Laws chapter 188.