SEATTLE--(BUSINESS WIRE)--ValueAppeal (www.ValueAppeal.com), a pioneering online property tax appeal service developed to help homeowners lower their property taxes, today announced that it has raised $1.6 million primarily from existing investors in less than three weeks.
According to ValueAppeal founder and CEO Charlie Walsh, proceeds from the latest round of funding will support additional hiring, continued expansion of the company’s base of patent-pending technologies, as well as additional strategic activity. Additionally, Walsh indicated that ValueAppeal will move to larger headquarters offices in Seattle to accommodate its rapid growth. The funding announced today follows two smaller rounds totaling $1.5 million in 2010, all from angel investors.
As of May 2011, approximately 80% of all customers using ValueAppeal have had successful outcomes in appealing their property taxes, resulting in an average tax savings of $839 per year – and under ValueAppeal’s full guarantee, anyone who does not have a successful appeal outcome is eligible for a full refund. ValueAppeal was founded in 2009 and announced its expansion to a nationwide footprint in December 2010 after successful localized launches in selected counties across the US. ValueAppeal’s proprietary technologies and patent-pending algorithms enable homeowners to create a clear and concise property tax appeal online in a matter of minutes, compared to the many hours or even days that it can take to research and prepare for the appeal process using traditional means.
“Today’s funding announcement comes at an exciting time for ValueAppeal, as we are seeing a convergence of consistent growth across all business metrics, high levels of success for those using ValueAppeal and strong interest from direct consumers as well as strategic partners,” said Walsh. “Our mission is resonating now more than ever, as ValueAppeal is successfully leveling the playing field for homeowners who otherwise would not appeal their assessments because it can be too intimidating, too confusing, and too hard to find the data they need to win an appeal.”
With approximately 25% of homes in the US being overassessed annually according to ValueAppeal data, the service offers a viable alternative to traditional scenarios in which lawyers and appraisers charge homeowners up to 50% of any estimated tax savings to produce comparable sales evidence and file appeals on behalf of the homeowners. ValueAppeal charges a flat $99 fee regardless of how much the homeowner saves and provides full refunds for any appeals that are unsuccessful.
The company has also worked closely with many state and county assessors offices to make property tax appeals processes more efficient, by 1) streamlining process for those deemed likely to have success in filing appeals; and 2) by not allowing property owners deemed unlikely to have success in filing appeals to use ValueAppeal – saving the homeowners and assessors the associated time and expense with what could otherwise be frivolous appeals.
About ValueAppeal
ValueAppeal (www.valueappeal.com) is a pioneering property tax appeal service developed to help homeowners lower their property taxes. ValueAppeal’s proprietary and patent-pending technologies instantly analyze a designated property and identify, based on comparable property sales and other criteria, whether a property is overassessed. It then provides an easy-to-use process for homeowners to develop a complete tax appeal online in minutes, compared to the many hours or even days that a ‘traditional’ offline appeal requires. The service costs $99 and the company provides 100% refunds for any customers whose assessments are not lowered using ValueAppeal’s evidence. Based in Seattle, WA, ValueAppeal generates users through direct consumer channels and is developing strategic partnerships with other organizations whose customers could benefit directly from ValueAppeal’s services.