The convergence between the complexities of property management and property taxation has produced more than its fair share of headaches for commercial and residential property owners alike. Fortunately, fintech innovation in the form of Ownwell exists to help these property owners save money when it comes to paying property taxes.
“Property owners have a lot to consider when deciding to protest (property tax overpayments),” Ownell CEO Colton Pace explained. Pace cited the costs in time and money, the complexity, and the access to real estate industry expertise as major hurdles for property owners when contesting property value assessments. “Ownwell handles the entire process of appealing on behalf of property owners and charges the lowest fees currently on the market,” Pace said. “We ensure all property owners, regardless of financial status, have access to the tools, resources, and information they need to manage their property taxes with confidence.”
Formerly known as realAppeal, Ownell combines industry expertise and machine learning to provide property owners with protection against overpaying on their property tax. Ownwell provides owners with a savings estimate based on current sales and valuation data. If the owner decides to challenge their assessment, locally-based property tax experts leverage proprietary software to build the best case possible for the property owner. With a Savings-or-Free guarantee, Ownwell customers only pay if the process saves them money on their property tax assessment. The company said that its customers save an average of $1,457, and that “nearly” nine of 10 of its challenges are successful.
Headquartered in Austin, Texas, Ownwell earned a spot in the fintech headlines recently with news of its $5.75 million seed funding round. The investment was led by First Round Capital, and featured participation by Wonder Ventures, Founder Colllective, Long Journey Ventures, and Scott Banister, former board member of PayPal. The company said that it will use the additional capital to hire additional talent – from sales to technology to local tax expertise – across the board. The seed funding comes as the Ownwell reports growing its customer base by 40x over the past nine months, with operations in Texas, California, Washington, and Florida.
“Real estate is often the most valuable asset homeowners and investors own, but it’s difficult to track and manage the rising costs of property taxes, insurance, financing, and more,” First Round Capital partner Bill Trenchard said. “Ownwell is building a platform to help property owners reduce their property taxes and manage the other costs of ownership with confidence.”