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(on Archives.gov) Passed on May 20, 1862, the Homestead Act accelerated the settlement of the western territory by granting adult heads of families 160 acres of surveyed public land for a minimal filing fee and 5 years of continuous residence on that land.
It initially proposed a $700,000 homestead exemption regardless of age or marital status. It has recently been amended down to $300,000. Texas, Florida, Iowa, South Dakota, Kansas, and Oklahoma have some of the broadest homestead protections in the US, in terms of the value of property that can be protected.