What is the filing fee? If you own residential property in Massachusetts, you may be able to claim certain credits on your Massachusetts personal income tax return.Massachusetts Program Overview. Property Tax-Aide features Senior Circuit Breaker Tax Credit and Credit or Exemption for Senior Persons in Massachusetts. The homestead tax exemption applies to property taxes. Learn how the Massachusetts homestead law may protect your home against creditors' claims. A Simple Guide to the. In a Chapter 7 bankruptcy, or asset liquidation proceeding, a homeowner is allowed to claim certain exemptions which function as asset protection allowances. Personal Exemptions are a deduction in taxes due to a particular personal circumstance and qualifications set forth in the Massachusetts General Laws. This exemption reduces local property tax liability of surviving minor children of a Fire Fighter or Police Officer killed in the line of duty.