Homestead Act?

[letslearntogether47]

A question probably asked 1000s of times.
I have heard all kinds of explanations of why one should get this. And just as many explanations of what it is for.
For instance, what does this mean on your mortgage,"Borrower waives all rights of homestead exemption in the property and relinquishes all rights of courtesy and downer in property."

So,is this something that I should do?
Has anybody done this?

[Rick]

I'm sure Ken can tell you about the MA version. Here in Indiana filing for it means a pretty substantial reduction in real estate taxes. It reduces the assessed value of the property so the taxes are lower. If you refi or otherwise change your loan you have to refile for it. That's how it is here.

If you have specific questions your county auditor or whoever handles the real estate taxes in MA should be able to answer them for you.

[letslearntogether47]

Thanks Rick,

I found a site that explains everything.
Not in trouble or anything. I overheard some people taking about this and wanted more info about it.

http://massresources.org/homestead-act.html