The process of approving a case involves multiple stages, including evaluations by property tax consultants and managers. In order to proceed with an arbitration request, a deposit must be submitted with Form 50-791. The amount of the deposit can range from $500-1,550, depending on the type and value of the property. 

 

If the arbitrator's assessed value is closer to the agent's opinion of value, the Comptroller retains $50 and the appraisal district covers the arbitrator fee. Conversely, if the arbitrator's assessed value is closer to the appraisal district's opinion of value, the Comptroller retains $50 and Ownwell covers the arbitrator fee. Therefore, we only proceed with arbitration if there is a high probability of obtaining a significant reduction and if the assessed value is closer to Ownwell's opinion of value.

 

Once we determine that the property owner has a viable case for arbitration, they are required to sign Form 50-791, the Comptroller's Appointment of Agent(s) form for Regular Binding Arbitration, which grants Ownwell the authority to represent them. 

 

Here is a quick breakdown of the Regular Binding Arbitration Process:

1. Submit the arbitration request form (Form AP219) and a deposit ($500+) within 60 days of receiving the Appraisal Review Board's (ARB) order of determination.
2. The Appraisal District will review and forward the request and deposit to the Comptroller within 10 days. The Comptroller will then review and approve the request.
3. The Comptroller will review and approve the request.
4. Enter the 45-day settlement period.
5. If no settlement or withdrawal is filed during the settlement period, the Comptroller will assign an arbitrator.
6. The arbitrator will have 10 days to accept or reject the case.
7. The arbitrator will have up to 120 days to hold a hearing with both the agent and the appraisal district.
8. Within 20 days of the hearing, the arbitrator will make an award determination and notify all parties involved.