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Ownwell and Valon Partner to Help Homeowners Save on Property Taxes

Between 2019 and 2023, American homeowners have faced escalating property taxes, witnessing a staggering 23% hike in their financial burdens. The average amount owed climbed from $2,480 in 2019 to approximately $3,045 in 2023, according to research by the National Association of Realtors. Many homeowners feel powerless in the face of such tax increases, yet a new partnership between Ownwell and Valon aims to change that by providing innovative solutions to reduce property tax assessments.

The Rise in Property Taxes

Homeowners have found themselves increasingly at the mercy of increasing tax rates that can be influenced by various factors, often beyond their control. However, one crucial avenue available to them is to contest the overassessment of their properties. This practice can unlock substantial savings, yet statistics reveal that a significant portion of homeowners—over 95%—do not take the steps necessary to challenge these assessments, as reported by the National Taxpayers Union Foundation.

Introducing Ownwell's Solution

Ownwell, an Austin-based proptech company, has developed a proprietary platform that empowers homeowners to identify whether their properties have been overvalued. By analyzing property data, Ownwell can estimate potential overassessments, taking into account flaws in outdated valuation methods used by tax assessors.

Reports suggest that as many as 30% to 60% of homeowners may be overpaying on their property tax bills due to these outdated approaches, making Ownwell's services increasingly vital.

How Ownwell Helps

Once a likely overassessment is identified, Ownwell takes over the appeal process, advocating on behalf of the homeowner. Astonishingly, 85% of clients who engage with Ownwell's services secure a reduction in their property tax assessments, with average savings surpassing $1,100. Importantly, customers are charged only a percentage of the savings achieved; if there is no reduction, they owe nothing.

The Valon Partnership

The collaboration with Valon, a well-established mortgage servicing and software provider fresh off a successful $100 million Series C funding round, signifies a strategic move to broaden Ownwell's reach. Valon has set out to revolutionize the mortgage industry by creating a tech-driven platform designed to enhance the homeowner experience. This partnership is a perfect match because both companies share a commitment to making homeownership more affordable and accessible.

Colton Pace, CEO of Ownwell, expressed his enthusiasm for the partnership, stating, “We are super excited to announce our partnership with Valon, and even more excited to provide transparency and reduce property taxes for thousands more homeowners.”

Jake Mintz, Chief Product Officer at Valon, echoed this sentiment, emphasizing their joint mission to empower homeowners. He noted, “Partnering with Ownwell demonstrates our commitment to make homeownership more affordable. We expect to save homeowners millions of dollars from incorrect appraisals.”

A Timely Initiative

In light of rising property tax rates, this partnership couldn't come at a better time. The alliance between Ownwell and Valon seeks to deliver meaningful financial relief and to empower homeowners with the tools necessary to make informed financial decisions. Potential savings achieved through this collaboration can significantly alleviate the stresses associated with property tax increases.

By navigating complex property tax systems and advocating for fair assessments, Ownwell, in collaboration with Valon, strives to provide invaluable support for homeowners across the United States. The implications of their partnership are poised to redefine how property taxes are managed and reduce the financial burdens many families face in this challenging economic landscape.