To qualify for a homestead, you must: Own a property, Occupy the property as your sole or primary residence, Be a Minnesota resident. Overview of the Homestead Act.The Homestead Act of 1862 allowed settlers to claim land for free as long as they lived on it for five years and made improvements such as building a house. Homestead Application. Please read the instructions for important information on due dates and application requirements before completing this form. The Minnesota Homestead Credit Refund can provide relief to homeowners paying property taxes. Laws, cases and web sources on homestead law. She is filling out paperwork and wants to know if her property qualifies for any exemptions. The first exemption to consider is the homestead exemption. The owner of the property should complete this application.