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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.
The Homestead Exemption Law is complete exemption of taxes on the first $50,000 in Fair Market Value of your legal residence for homeowners over age 65, totally and permanently disabled, or legally blind. In order to qualify you must: 1  1. 2  Hold complete fee simple title of life estate to your primary residence. 3  2.