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:
- 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.
- 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.
- The Comptroller will review and approve the request.
- Enter the 45-day settlement period.
- If no settlement or withdrawal is filed during the settlement period, the Comptroller will assign an arbitrator.
- The arbitrator will have 10 days to accept or reject the case.
- The arbitrator will have up to 120 days to hold a hearing with both the agent and the appraisal district.
- Within 20 days of the hearing, the arbitrator will make an award determination and notify all parties involved.
Nassau County City and Incorporated Village Tax Grievances
What is Escalation / Arbitration? How does it work?