The new law established a threefold homestead acquisition process: file an application, improve the land, and file for deed of title. The Homestead Act of 1862 was a revolutionary concept for distributing public land in American history.The Homestead Act of 1862 gave free land to Americans willing to improve it, regardless of race, sex, or nation of origin. Overview. For a number of years individual Congressmen put forward bills providing for homesteading, but it was not until 1862 that the first homestead act was passed. Imagine the Homestead Act of 1862 provided you 160 acres of free land. You and your family head out West. The Homestead Act of 1862 is recognized as one of the most revolutionary concepts for distributing public land in American history. It is a local option to establish two separate property tax rates: a lower tax rate for residential property owners. Signed into law on May 20th 1862 the Homestead Act permitted the "preemptive" ownership of land. The Homestead Act of 1862 gave free land to Americans willing to improve it, regardless of race, sex, or nation of origin.