Property Ownership
Under Massachusetts law, what is the homestead exemption?
AAn exemption from property taxes for all homeowners
BA protection of a primary residence from certain creditors up to a statutory amount✓ Correct
CA reduced transfer tax for owner-occupants
DAn exemption from the lead paint law for owner-occupants
Explanation
Massachusetts homestead protection (M.G.L. c. 188) allows homeowners to protect equity in their primary residence from certain creditor claims. The automatic homestead provides $125,000 protection; a declared homestead provides $500,000.
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