Over a quarter of single-family homes in Fort Worth are owned by commercial interests, according to a new city report.
The group defined owner-occupied properties as any property with a Homestead Exemption and properties where the address matches the owner's address, and the owner's name doesn't indicate commercial ownership.such as LLC, LTD, INC, Trust, etc.owner address, especially for cases in which the property owner holds several properties
“We’re defining commercial properties as properties with owner names that indicate commercial ownership, and then properties that don’t have a homestead exemption, so those are the assumptions we’re making when we try to say is a property occupied by its owner or not," said Christianne Simmons, FWLab Chief Transformation Officer, during Fort Worth City Council's work session.
He and others requested a more detailed report with a better breakdown of who owns the homes, how many are rentals, and how many go back on the market for neighbors to be able to buy. "We may need a better presentation of how many homes in our neighborhood that are owned by commercial that are renting homes instead of home ownership," Nettles said.
“I know a lot of people buy homes as LLCs and then flip them, you know, so they’re selling them and putting them back on the market. So, I think that’s also worth noting," said city council member Michael Crain.“Despite the fact that it’s tagged as commercial, it may be an LLC that’s owned by one individual that lives here and it’s a rental property next door to their home.
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