The Homestead Act of 1862 was a revolutionary concept for distributing public land in American history. North Carolina offers several property tax relief programs for residents and businesses.You may be entitled to a tax exemption or exclusion if your real or business personal property meets certain criteria. Application filing period is Jan. The Homestead Act of 1862 had an immediate and enduring effect on the United States of America and the world that is still felt today. July 6 is the 187th day of the year (188th in leap years) in the Gregorian calendar; 178 days remain until the end of the year.