Between 2019 and 2023, American homeowners have seen a 23% increase in property taxes, climbing from an average of $2,480 in 2019 to $3,045 in 2023 (National Association of Realtors). Several things beyond a homeowner's control may have contributed to this tax hike, but Ownwell, an Austin-based proptech company, focuses on something many homeowners can contest: their property being overassessed. And Ownwell's recent partnership with Valon, a mortgage servicing and software company fresh off a $100 million Series C funding round, helps bring Ownwell's tax-saving service to hundreds ofthousands more homeowners.
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Ownwell's proprietary platform determines whether a customer's property has likely been overassessed, and by how much. According to Ownwell, tax assessors mayrely on outdated systems to determine a property's value, leading to 30%-60% of homeowners overpaying on property taxes-yet more than 95% don't challenge their assessment (National Taxpayers Union Foundation).
After identifying a likely overassessment, Ownwell appeals the assessment and requests a reduction, handling the entire process for the customer. Through this process, 85% of Ownwell customers receive a reduction, saving over $1,100 on average. And its customers only pay a percentage of savings-if they don't save, they don't pay. To date, Ownwell has over $10 billion in assessment reductions.
Partnering with Ownwell was a natural choice for Valon, as Valon aims to revolutionize the mortgage industry and empower homeowners by building a robust, tech-driven mortgage servicing platform that ultimately creates a better homeowner experience. Finding additional ways to benefit homeowners-like saving on property taxes-aligns with Valon's mission.
Of the partnership, Ownwell CEO Colton Pace says:
Ownwell is super excited to announce our partnership with Valon, and even more excited to provide transparency and reduce property taxes for thousands more homeowners. Valon and Ownwell are both on a mission to empower homeowners to make better financial decisions, and we can't wait to see the impact we can have working together.
“Partnering with Ownwell is another example of Valon striving to make homeownership more affordable,” Jake Mintz, Valon's Chief Product Officer, adds. “We're thrilled to work with the experts at Ownwell, and, based on our testing last year, we expect to save homeowners millions of dollars from incorrect appraisals in 2025.”
In today's tax environment, Ownwell and Valon's partnership reflects a timely commitment to provide meaningful, tangible support for homeowners.
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SOURCE Ownwell
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