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The rules for legal compliance with the Massachusetts homestead exemption law
are couched in terms of use. Only individuals may claim a primary
residence, although ownership may be joint ownership, sole ownership,
tenant in the entirety, or tenants in common.
The Massachusetts Homestead Exemption Act specifically authorizes
$500,000 in fair market value, yet when filing bankruptcy, the amount is
cut in less than half by federal preemption ($125,000). A Massachusetts homestead exemption form
may be used to clarify ownership status and differentiate tracts owned
which may qualify as a primary residence.
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