Bill > H3991

This bill aims to enhance homestead protections in Massachusetts by introducing several key provisions. It creates an additional homestead exemption of 25% for homeowners who are at least 65 years old or have a documented disability, with disability defined as a permanent physical or mental impairment meeting Supplemental Security Income requirements. The bill establishes a new homestead exemption framework that calculates the exemption annually based on each county's median home value, with a guaranteed range between $250,000 and $1,250,000. The exemption will be adjusted annually for cost of living changes and provides a 10% temporary increase for first-time homebuyers earning less than 120% of the area median income during their first five years of ownership. The bill also mandates the creation of a statewide education campaign to inform homeowners about homestead declaration rights, including multilingual materials and online filing options. Additionally, the Department of Revenue will be required to produce an annual report detailing homestead declaration statistics, exemption impacts, and potential improvements, which will be submitted to legislative committees by December 31st each year. The new provisions will take effect on January 1, 2026, providing homeowners with enhanced financial protection against creditors' claims.

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https://malegislature.gov/Bills/194/H3991