The Homestead Act of 1862 was a revolutionary concept for distributing public land in American history. The Homestead Act of 1862 is recognized as one of the most revolutionary concepts for distributing public land in American history.Homestead Act of 1862, in U.S. history, significant legislative action that promoted the settlement and development of the American West. This local option prevents any large shift of the property tax burden to the residential class of property owners after a revaluation. The Homestead Act of 1862 gave free land to Americans willing to improve it, regardless of race, sex, or nation of origin. Overview. The Homestead Act of 1862 made 160 acres available to any head of household who filed a claim, lived five years on the land, and paid a fee. The Homestead Act of 1862 parceled out millions of acres of land to settlers. The Homestead Act of 1862 offered 160 acres of land to settlers in the west if they built a home and farmed the land for a period of five years. Important Homestead Laws for Oregon. Nassau County Florida Tax Collector Office Homestead Exemption - NassauTaxes.