In August 2024, state legislators passed Session Law 2024, c. 150, s. 51 (an Act relative to the Affordable Homes Act), which increased the amount of protection offered by a written Declaration of Homestead from $500,000 to $1,000,000 per household. Additionally, under the elderly homestead protection, the coverage increased from $500,000 per person to $1,000,000 per person.
Note: The increase in the amount of the homestead exemption applies retroactively to any valid homestead that is currently on record at the Registry of Deeds and to any future recorded homesteads. Therefore, homeowners who have a valid homestead on record do not need to file a new homestead to gain the benefit of the recent increase.