The correct current answer is D, $1,000,000. This is an important update from older Massachusetts study material that still cites a $500,000 declared homestead amount.
Current M.G.L. c.188 §1 defines the declared homestead exemption as $1 million, while the automatic exemption remains $125,000. The declared protection is created through a written declaration executed and recorded in accordance with the statute.
The amount can be allocated or structured differently depending on the form of ownership and whether the owners are joint tenants, tenants by the entirety, tenants in common, trust beneficiaries, elderly persons, or persons with qualifying disabilities.
Homestead does not make the property completely immune from every lien. The statute expressly preserves specified claims including certain taxes, prior liens, mortgages, support obligations, and other statutory exceptions.
Study Guide Reference: Property Ownership — Massachusetts Declared Homestead.
