Question: What's the Homestead Act?
Answer :
The federal Homestead Act, which was enacted in 1862, offered free 160-acre parcels of land to early settlers, or "homesteaders." Although this act was repealed in 1977, many states have enacted their own homestead laws. Some states use their homestead laws to encourage property ownership in certain areas by selling the property at a nominal price or offering special tax relief to buyers. Other states have homestead laws that protect your home against judgments and creditors. Consult a real estate broker or attorney to find out whether your state has enacted homestead laws and, if so, how you can take advantage of them.