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Thursday,
February 5, 2004
REGISTER IANNELLA
REMINDS HOMEOWNERS ABOUT THE HOMESTEAD ACT AND SPECIAL TAX
EXEMPTION AVAILABLE TO MANY BOSTON RESIDENTS:
Suffolk
County Register of Probate Richard Iannella is alerting area
homeowners to the provisions and protections of The Homestead
Act, and reminds residents of Boston of a city assessment
practice that could mean savings of over $1300 in annual
property taxes. “For most of us, a house is the biggest
investment we’ll ever make and the largest asset we’ll
ever own. Most importantly, it’s the place that we call
home,” said Iannella. “Shouldn’t we be doing all that we
can to protect our family and our future?”
According
to Iannella, in order to help you protect your home in case
you are ever sued, the Legislature established an easy and
inexpensive procedure that allows any homeowner to file a
‘Declaration of Homestead.’ Once filed, creditors cannot
take your home to satisfy debts up to amounts set in the law.
Important
points to remember include:
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You can file for protection on a home that you own only if
it is your and / or your family’s principal residence.
The home can be a single or multi-family dwelling,
apartment house, condominium unit, etc. It does not apply
to a secondary residence like a cottage or summer home;
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Homestead can be filed by a sole owner, or by any of the
owners if there is more than one. (Only one person should
file to protect a family residence, except if there are
two owners and both are either disabled or over the age of
62. In this instance, it is advantageous for both to
file);
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Homestead
Act protection will not stop enforcement of court ordered
payments (child support, unpaid taxes, etc.) or if debts
involve duress, fraud, etc. It does not stop foreclosure
on your mortgage;
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The Homestead Act offers $300,000 of protection. If there
are two owners and both are at least 62 years old or
permanently disabled, each may file under The Homestead
Act for protection worth $600,000; |
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To file a Declaration of Homestead, you will need to know
the ‘book and page’ numbers of your recorded deed (or
the ‘Certificate of Title number’ in the case of
registered land). The fee to file a declaration is $35.
Declarations must be filed in the Registry of Deeds in the
county where you live. Here in Suffolk County, the
Registry of Deeds is located along with the Probate and
Family Court Registry at 24 New Chardon Street, Boston, MA
02114.
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Meanwhile,
the City of Boston makes an additional tax benefit available
to residents of owner-occupied properties in the city.
According to Iannella, Boston Mayor Thomas Menino recently
increased potential savings on the annual property tax to over
$1300: “To qualify for the current tax year which began on
July 1, 2003, the property must have been the principal
residence of one person listed as an owner on the deed as of
January 1, 2003,” he explained. “If the exemption is not
deducted on the upcoming tax bill, homeowners can file an
application and proof of residence with the city.”
Register
Iannella has prepared a brochure explaining The Homestead Act
in greater detail, including instructions on how to file a
declaration. The brochure is available in-person at the
Suffolk County Probate and Family Court Registry, by calling
Register Iannella’s office at (617) 788-8300, or on the
Internet at www.probatecourtiannella.com. Additional
information about the residential exemption in Boston is
available at Boston City Hall, or by calling the Taxpayer
Assistance Center at City Hall at: (617) 635-4287.
“I
certainly wouldn’t want to see anyone miss out on these easy
opportunities to safeguard their assets and provide for their
families,” concluded Iannella.
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RPI/TC © 2002
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