Join The Discussion

 

Dallas construction firm to oversee Fort Worth projects

A Dallas construction firm has been awarded the Hemphill Street Connector and Village Creek peak flow storage projects in Fort Worth.

read more >

UT Arlington Army ROTC officer named nation's top military science professor

The U.S. Army Cadet Command has named Lt. Col. Lora A. Rimmer, Commander of the Army ROTC “Maverick Battalion” at University of Texas at Arlington, the nation’s Professor of Military Science of the Year.

read more >

Fort Worth Hilton owners acquire Ashton Hotel

The Ashton Hotel, a historic boutique hotel in downtown Fort Worth, has been sold to a new owner.

read more >

Texas Health Resources names Berdan next CEO

Barclay E. Berdan, chief operating officer for Texas Health Resources, has been named the new CEO of the health system effective Sept. 1.

read more >

San Antonio joins Fort Worth, other cities in AT&T faster Internet rollout

SAN ANTONIO (AP) — AT&T has announced it will bring faster internet service to the San Antonio area.

read more >

 

Fort Worth may audit homestead exemptions

By Scott Nishimura
snishimura@bizpress.net

Fort Worth may conduct an audit of existing homestead exemptions in the city to make sure they’re valid and the city isn’t losing property tax money.

The City Council is scheduled to vote April 15 on whether to approve a contract with a vendor. Tax Management Associates, that would audit homestead exemptions. The vendor would be paid a flat fee per exemption removed, once the city collects the tax revenue, the staff told council members in a report.

The amount of the proposed fee was not immediately available.

According to TMA estimates, “the city may achieve a net gain from the audit in the first year even after fees are taken into account,” the staff report said. “Greenville County, S.C., was able to recover almost $2.5 million in additional revenues during the first 18 months after having TMA perform such an audit.”

The report also said, “this audit will provide a long-term benefit by helping ensure that going forward, the city receives the revenue that it is owed.“

The audit will validate application, but won’t change the structure of homestead exemptions, the report said.

If the audit finds exemptions the audit states may be invalid, the property owner would receive an initial notice from TMA, with information about the state’s homestead exemption and who to contact for questions.

If the Tarrant Appraisal District reviews the documentation and agrees the exemption “appears to be in error,” the property owner would receive a second notice stating the district intends to remove the exemption and the property owner has 30 days to protest.

If the exemption is eventually removed, the property owner would see a tax bill within two to six weeks for the amount owned, and would have three to six weeks to pay before penalties and interest apply, the report said.

If the audit finds the exemption has been incorrectly awarded for multiple years, the taxpayer would be required to pay additional taxes for up to the last five years in arrears, the report said.

The homestead exemption allows taxing entities to exempt up to 20 percent of a home’s value for property tax calculations. Fort Worth's is 20 percent.

To claim a homestead exemption for a given year, the property owner and spouse must have owned and occupied the home as their principal residence as of Jan. 1 that year. Only one homestead exemption is allowed per taxpayer.

Condos and mobile homes qualify.

< back

Email   email
hide
Training Camp
Training camp is starting this week. How will the Dallas Cowboys do this season?