Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Section 1 of chapter 188 of the General Laws, as appearing in the 2002 Official Edition, is hereby amended by striking out, in line 1, the figure "$300,000" and inserting in place thereof the following figure:- $500,000.

SECTION 2. Section 1A of said chapter 188, as so appearing, is hereby amended by striking out, in line 4, the figure "$300,000" and inserting in place thereof the following figure:- $500,000.

SECTION 3. This act shall apply to declarations of homestead recorded or filed for registration pursuant to section 1 or 1A of chapter 188 of the General Laws before, on, or after the effective date of this act, but the increase in the amount of homestead protection for declarations recorded or filed for registration before the effective date of this act shall not have priority over, and shall be subordinate to, any lien, right or interest recorded or filed for registration before the effective date of this act.