The Arizona homestead exemption is automatic, meaning that no written claim is required. Individual Property Tax Exemptions.The Arizona homestead exemption is automatic you don't have to file a homestead declaration to claim the homestead exemption in bankruptcy. The affidavit and eligibility form necessary to file an application for exemption can be obtained from the assessor. To fill out this form, gather all necessary property information and ensure you meet the exemption criteria. A homestead exemption can give you tax breaks on what you pay in property taxes. Claimants are able to file a claim for this exemption on the same form as the claim for credit. Property Value Limit.