Ownwell

Product Identify: Ownwell

Product Description: Ownwell is a service that can protest your property tax evaluation and try and get it lowered. They may even search for different reductions and applications that will decrease your tax legal responsibility. They work on a “savings-or-free” mannequin, which suggests you solely pay them in the event that they cut back your taxes.

About Ownwell

Ownwell was based in 2020 with the aim of bringing subtle actual property instruments to abnormal householders. They declare to save lots of, on common, $1,430 yearly and look to do 400,000-500,000 protests in 2024.

Execs

Straightforward to make use of
Free if not profitable
Common annual financial savings of $1,430
Steady monitoring for exemptions

Cons

Solely out there in California, Florida, Georgia, Illinois, New York, Texas, and Washington

How a lot are your property taxes?

In our county in Maryland, we pay a complete of $1.442 per $100 of assessed worth.

1.442% doesn’t sound like so much, however the median house worth in my county is round $580,000.

That’s $8,400 a yr.

After I acquired my property tax evaluation final yr, it included a big enhance in assessed worth. We renovated a bit of the home, so a part of that was justified, however it appeared just like the leap was too excessive.

I made a decision to contest my property taxes myself and received. The method, which you’ll be able to examine within the linked article, took a number of hours unfold throughout a number of weeks. And I used to be “fortunate” in that I used to be given a superb outcome on the first stage (simply filling out a type), so I accepted it.

In the event that they rejected my declare and required me to plead my case to a reside panel, I’m undecided I’d be as comfy doing that.

Fortuitously, there are providers on the market that can do it for you.

A type of is known as Ownwell.

At A Look

• Ownwell will enchantment your property taxes in your behalf
• Screens for tax exemptions based mostly in your particular person property
• No upfront charges – pay solely upon profitable discount of property taxes
• Pay 25% or 35% of financial savings, relying in your state
• Obtainable in California, Florida, Georgia, Illinois, New York, Texas, and Washington. (however increasing on a regular basis so verify your state)
• Common financial savings is $1,148

Who Ought to Use Ownwell

Householders and Actual Property traders who wish to guarantee they aren’t overpaying their property taxes ought to take into account Ownwell. They are going to enchantment your property taxes for no upfront prices and also you pay a share of your financial savings in case your enchantment is profitable. So there isn’t a threat and no leg give you the results you want.

Who Is Ownwell?

Ownwell is a service that can contest your property tax assessments together with your taxing authority so you possibly can pay much less in property taxes. They may even discover exemptions and different tax financial savings chances are you’ll not learn about or have neglected.

Ownwell was based by Colton Tempo and Joseph Noor in 2020. Tempo’s background in investing and asset administration gave him publicity to the varied instruments utilized by actual property traders, and he wished to carry them to common householders. The result’s Ownwell, a service to contest property taxes.

Ownwell doesn’t function in each state (but).

In Which States Does Ownwell Function?

Ownwell isn’t in each state and for among the states they do function in, they aren’t in each single county.

As of April 2024, they’re in California, Florida, Georgia, Illinois, New York, Texas, and Washington. You must double verify that your county is included (it’s not possible to listing each county right here although, California has 58 counties and Texas as 254!).

They’re including counties on a regular basis, so one of the simplest ways to know is to go to Ownwell and enter your handle.

When Can I Enchantment My Property Taxes?

The schedule for when you possibly can enchantment will rely in your state and, in some instances, the county inside that state. They’re all on totally different schedules.

For instance, in Maryland, this course of solely occurs as soon as each three years. In New York, and plenty of different states, it occurs each single yr!

I requested Ownwell to supply a schedule (they usually did) however it’s slightly sophisticated and onerous to share on a single display screen… additionally, many dates are county particular they usually cowl so many counties that it’s unwieldly to listing all of it right here.

The top result’s that the best factor to do is join Ownwell after which wait on your evaluation to reach. Then, enter within the particulars and resolve whether or not you must use them to contest your appraisal.

As there’s no price to enroll, you should use their expertise that will help you handle the schedule and resolve later if you wish to use them.

How Does Ownwell Work?

First, go to Ownwell and enter your handle.

Since they don’t function in Maryland, I selected a random property in Humble, TX (a suburb of Houston). They service Harris County.

Go to Ownwell

It will not be price it for a home-owner to study the ins and outs of protesting property tax assessments for $473, particularly if it’s not a assure you’ll get any discount. But when I owned this house and didn’t wish to do it, I’d be completely blissful hiring somebody on a contingency foundation (I pay provided that they win) – which is how Ownwell works (extra on charges later).

When you proceed, you’ll be prompted to enter your data. (I’m utilizing a demo account, when you do that your self, enter your data)

The following few screens verify data, like whether or not you bought this property within the final 18 months and the property proprietor’s identify.

The final web page, after you’ve confirmed all the small print, authorizes Ownwell to behave as your Tax Agent. This lets them contact the taxing authority in your behalf and contest your property taxes.

From right here, you possibly can log in and verify the progress of your protest.

As of this writing, Texas hasn’t but printed the 2024 assessments, so Ownwell has nothing to do. I imagine Texas publishes them in April, after which you’ve got 30 days to protest.

It will differ from state to state and in Texas, you are able to do this each single yr.

Go to Ownwell

Discovering Exemptions and Claiming Refunds

Along with contesting your evaluation this yr, they provide a service to find out whether or not you’re eligible for any tax exemptions. In the event that they discover any, they will even make claims on earlier years to get a tax refund.

There are lots of totally different tax exemptions on the market and these are difficult to maintain monitor of. For instance, right here in Maryland, we’ve an Agricultural Use Evaluation that considerably lowers property taxes on areas the place you’ve got agreed to maintain to agricultural use. I solely knew about it as a result of the earlier proprietor had it.

We don’t develop something (business) on the land, it’s all wooded, however that counts. The one requirement is that we get an arborist to certify an agricultural use plan each few years, and we get a large low cost on the assessed worth of the undeveloped land. It has saved us hundreds of {dollars} a yr.

Ownwell seems for exemptions like that.

Then, they may monitor your taxes annually to ensure all the things is appropriate. If, for no matter purpose, an exemption is left off, they’ll be sure that to repair it.

Ownwell Charges

Ownwell operates on successful payment mannequin – you solely pay them in the event that they win an enchantment and decrease your property taxes. They solely cost you in case your remaining property tax invoice is decreased they usually have a signed doc out of your taxing authority to show it.

In the event that they aren’t in a position to decrease it, you pay nothing.

In California, New York, and Florida, the success payment is 35%. It’s simply 25% all over the place else.

For the above instance, if Ownwell will get a $473 discount in property taxes, I’d pay them $118.25. I hold $354.75.

How does this payment evaluate to different corporations? It is best to analysis this on your personal state, as it should differ, however I discovered a tax agency in Texas that listed their pricing. On a single property, they charged 40% with a $149 minimal. For two-5 properties, it was 35% with no minimal. Solely 6+, it was 30%.

What are Ownwell Options?

The most important various is to name a neighborhood regulation agency that makes a speciality of this similar sort of labor. There are many regulation companies that provide this. At the moment, I’m not conscious of an organization that operates in a number of states.

The tradeoff with utilizing a neighborhood regulation agency has to do with price. They’re usually not going to have the ability to work with particular person householders and nonetheless be capable to cost a small success payment. They usually have minimal charges and can solely take your case in the event that they see it as being “price their time.” In a fast search myself, I discovered that companies are very up entrance about this as a result of contesting value determinations is time intensive they usually don’t wish to waste their time or yours.

As I discussed within the above part about charges, I discovered a tax agency that charged 40% payment with a $149 minimal. In Texas, Ownwell prices simply $25 with no minimal.

Alternatively, you possibly can attain out to your actual property agent to see in the event that they might help. This might be depending on how pleasant and out there your agent is to any such assist. Some could do it free of charge, seeing it as part of their choices, whereas others received’t.

Is Ownwell Price It?

It will depend on how a lot you worth your time and the way a lot of a return you anticipate to get. If I owned a house during which a protest was going to web me $500 and it’s one thing I’ve to do yearly, I’d extra extra prone to pay Ownwell a 25-35% success payment to deal with all of it for me. With 4 children and a slew of different duties, the ROI on my time simply isn’t there.

Additionally, the property tax evaluation course of varies from state to state. In Maryland, we solely should do it as soon as each three years and I had a private curiosity in studying the method (additionally, I used to be blissful after the primary spherical discount – the work will get significantly extra concerned after the primary spherical). I understand I’m a weirdo like that, most individuals don’t care and simply wish to lower your expenses.

The one factor I do know is that you will need to contest your property tax evaluation. You might not win a discount, however you must do it. These will increase will compound so you must hold the will increase as little as potential.

When you aren’t going to do it your self, getting another person to do it’s higher than taking the rise.

Go to Ownwell

FAQs

Abstract

Ownwell is an organization that can enchantment your property tax invoice in your behalf with no upfront charges. You’ll pay both 25% or 35% (relying in your state) of the financial savings they will get you. If they aren’t profitable at decreasing your property tax invoice, then their providers are free.