Ownwell
Product Title: Ownwell
Product Description: Ownwell is a service that may protest your property tax evaluation and try to get it lowered. They may even search for different reductions and packages 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 scale back your taxes.
About Ownwell
Ownwell was based in 2020 with the objective of bringing refined 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.
Professionals
Straightforward to make use of
Free if not profitable
Common annual financial savings of $1,430
Steady monitoring for exemptions
Cons
Solely accessible 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 loads, however the median residence value in my county is round $580,000.
That’s $8,400 a yr.
Once I acquired my property tax evaluation final yr, it included a major improve in assessed worth. We renovated a bit of the home, so a part of that was justified, but it surely appeared just like the soar was too excessive.
I made a decision to contest my property taxes myself and gained. The method, which you’ll 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 end result 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 stay panel, I’m unsure I’d be as comfy doing that.
Fortuitously, there are providers on the market that may do it for you.
A kind of known as Ownwell.
At A Look
- Ownwell will attraction your property taxes in your behalf
- Screens for tax exemptions primarily based 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
- Out there 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
Owners and Actual Property buyers who wish to guarantee they aren’t overpaying their property taxes ought to contemplate Ownwell. They may attraction your property taxes for no upfront prices and also you pay a proportion of your financial savings in case your attraction is profitable. So there isn’t any danger and no leg be just right for you.
Desk of Contents
Who Is Ownwell?
Ownwell is a service that may contest your property tax assessments along with your taxing authority so you may pay much less in property taxes. They may even discover exemptions and different tax financial savings chances are you’ll not find out about or have ignored.
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 buyers, and he wished to deliver 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 a few of 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. It’s a must to 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 best ways to know is to go to Ownwell and enter your handle.
When Can I Enchantment My Property Taxes?
The schedule for when you may attraction will rely in your state and, in some circumstances, the county inside that state. They’re all on completely 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 (and so they did) but it surely’s just a little difficult and exhausting to share on a single display… additionally, many dates are county particular and so they cowl so many counties that it’s unwieldly to listing all of it right here.
The tip result’s that the best factor to do is join Ownwell after which wait to 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 can assist 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.
It might not be price it for a house owner to be taught 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 residence 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).
If you happen to proceed, you’ll be prompted to enter your info. (I’m utilizing a demo account, if you happen to do that your self, enter your info)
The subsequent few screens affirm info, like whether or not you bought this property within the final 18 months and the property proprietor’s title.
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 may log in and verify the progress of your protest.
As of this writing, Texas hasn’t but revealed the 2024 assessments, so Ownwell has nothing to do. I imagine Texas publishes them in April, after which you’ve gotten 30 days to protest.
This can fluctuate from state to state and in Texas, you are able to do this each single yr.
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’ll even make claims on earlier years to get a tax refund.
There are a variety of completely different tax exemptions on the market and these are difficult to maintain monitor of. For instance, right here in Maryland, we have now an Agricultural Use Evaluation that considerably lowers property taxes on areas the place you’ve gotten 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 (industrial) 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 enormous low cost on the assessed worth of the undeveloped land. It has saved us 1000’s of {dollars} a yr.
Ownwell seems to be for exemptions like that.
Then, they’ll monitor your taxes annually to ensure the whole lot is right. If, for no matter purpose, an exemption is left off, they’ll make sure that to repair it.
Ownwell Charges
Ownwell operates on successful price mannequin – you solely pay them in the event that they win an attraction and decrease your property taxes. They solely cost you in case your remaining property tax invoice is decreased and so they have a signed doc out of your taxing authority to show it.
In the event that they aren’t capable of decrease it, you pay nothing.
In California, New York, and Florida, the success price is 35%. It’s simply 25% in all places else.
For the above instance, if Ownwell will get a $473 discount in property taxes, I might pay them $118.25. I preserve $354.75.
How does this price evaluate to different firms? It is best to analysis this to your personal state, as it can fluctuate, 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 an area legislation agency that focuses on this similar kind of labor. There are many legislation corporations that provide this. Right now, I’m not conscious of an organization that operates in a number of states.
The tradeoff with utilizing an area legislation agency has to do with price. They’re usually not going to have the ability to work with particular person householders and nonetheless have the ability to cost a small success price. 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 corporations are very up entrance about this as a result of contesting value determinations is time intensive and so they 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% price with a $149 minimal. In Texas, Ownwell costs simply $25 with no minimal.
Alternatively, you may attain out to your actual property agent to see in the event that they will help. This will likely be depending on how pleasant and accessible your agent is to such a assist. Some might do it free of charge, seeing it as part of their choices, whereas others gained’t.
Is Ownwell Value It?
It will depend on how a lot you worth your time and the way a lot of a return you count on to get. If I owned a house by 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 price to deal with all of it for me. With 4 youngsters and a slew of different tasks, 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 should contest your property tax evaluation. You could not win a discount, however you need to do it. These will increase will compound so you need to preserve the will increase as little as attainable.
If you happen to aren’t going to do it your self, getting another person to do it’s higher than taking the rise.
FAQs
Sure, Ownwell is a official firm that may attraction your property taxes for no upfront price.
You completely can attraction your property taxes by yourself. Assuming you’ve gotten the time an inclination to analysis and file the suitable paperwork. It took me a number of hours of analysis, and I used to be profitable within the first attraction.
Abstract
Ownwell is an organization that may attraction 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’ll get you. If they don’t seem to be profitable at decreasing your property tax invoice, then their providers are free.
