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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.
General Homestead Exemption. Upon application, owner occupied homestead property qualifies for the General Homestead Exemption from the date of owner/occupancy. This exemption amounts to a reduction of the equalized assessed value of up to $6,000.