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Great Woman of Texas; Stacie McDavid

“I’ve always been a maverick in a number of ways,” says businesswoman and philanthropist Stacie McDavid.

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Thousands rally across US after Ferguson decision

Thousands of people rallied late Monday in U.S. cities including Los Angeles and New York to passionately but peacefully protest a grand jury's decision not to indict a white police officer who killed a black 18-year-old in Ferguson, Mo.

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Fort Worth Thanksgiving schedule announced

Thanksgiving closures have been announced, with most Fort Worth city offices – including City Hall – set to close Thursday Nov.27 and Friday Nov. 28 for the holiday, according to a city news release.

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Hope Lancarte of Joe T. Garcia's dies

Hope Lancarte, who ran her father's restaurant, Joe T. Garcia’s, for decades, died Thursday morning.. She was 86.

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Earthquake hits on Saturday near Irving

A 3.3 magnitude earthquake shook the Dallas-Fort Worth area around 9:15 p.m. Saturday night, according to the United State Geological survey.

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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.

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