AUSTIN, Texas--(BUSINESS WIRE)--Ownwell, the leading online solution to help commercial and residential property owners save money on property taxes, has expanded its Texas presence just in time to help the state’s property owners deal with surging assessments.
As Texans receive notices on the appraised value of their property, many can expect some sticker shock. Major metro areas across the state are already warning homeowners about big spikes in home values, which will cause a substantial increase in property tax bills.
- Houston: The Harris County Appraisal District says that the average home value increase was 21%, while the average apartment value rose 24%. “Value increases this year have been unprecedented,” said Roland Altinger, HCAD’s chief appraiser, in a statement. “In my almost 40 years in the real estate business, I have never, ever seen such large increases in market values.”
- San Antonio: Home appraisals in Bexar County are up nearly 28% since last year. The average sales price of a home jumped from $273,001 in 2020 to $312,555 last year, according to the Real Estate Center at Texas A&M University.
- Austin: The median price of a house in the Austin-Round Rock metro area rose nearly 28% compared to last year to an all-time high of $499,995, new data from the Austin Board of Realtors shows.
- Dallas/Fort Worth: Existing home prices in Dallas/Fort Worth are up 21% over last year to a historic high of $379,000, according to the latest Re/Max National Housing Report.
Along with this sharp rise in property prices comes the risk of inequitable assessment. A 2021 study by the New York Times found that more expensive properties tend to be undervalued, while less expensive properties are overvalued. As a result, wealthy homeowners effectively get a tax break, while those less affluent homeowners pay a higher price for the same public services.
To identify those people who are overpaying on their property taxes, Ownwell (previously known as realAppeal) uses AI and machine learning to analyze millions of properties. For those who choose to protest their assessment, the company’s combination of cutting-edge technology and tax professionals with deep experience in local markets has yielded impressive results:
- Nine out of 10 protests are successful.
- Property taxes are reduced by an average of 12% (16.8% for commercial clients).
- Residential customers save an average of $1,457.
“We are on a mission to make the costs of real estate ownership more clear and equitable,” said Colton Pace, Ownwell’s CEO. “We believe that regardless of expertise or financial status, everyone should have access to the information, tools and resources to manage their property taxes like a professional.”
Accelerated Growth in Past Nine Months to Support Expanding Customer Base
Demand for Ownwell’s services has grown exponentially since mid-2021. In the past nine months, the company’s customer base has increased by 40x. The team has grown by more than 7x during that time, with most of its staff growth taking place at its headquartered location in Austin.
“When we started Ownwell just 24 months ago amid the onset of the pandemic, we knew what we were building would be transformative for homeowners. That said, we never anticipated how quickly we’d be able to add value for real estate investors, too,” said Frank DiZenzo, Ownwell’s Chief Revenue Officer. “We’ve grown from just a dozen commercial accounts in early 2021 to more than 50 times that heading into Q2 2022 and now represent billions of dollars in commercial real estate.”
Ownwell Offers Property Owners No Upfront Costs and Savings-or-Free Guarantee
Ownwell has a quick online sign-up process. Property owners can instantly receive a savings estimate from Ownwell based on current sales and valuation data. There are no upfront costs, and customers pay just 25% of the final savings. Additionally, Ownwell’s Savings-or-Free Guarantee means customers only pay if Ownwell saves them money.
The majority of customers are everyday homeowners and investors in residential real estate, but the company boasts a sizable and growing list of commercial clients who own and manage multifamily residential and other commercial properties.
To learn more, go to Ownwell.com.
About Ownwell
Ownwell specializes in reducing property taxes for property owners. Each year, Ownwell analyzes millions of properties to identify property owners who are overpaying and offers to protest their tax assessments on their behalf for just 25% of any savings they are able to achieve. Backed by cutting-edge technology, Ownwell’s team of local tax experts is on a mission to reduce unfair assessments, empowering our clients to take back their rightful savings. Visit Ownwell.com to learn more.
