October 14, 2016
Every year, homeowners receive the dreaded invoice telling them how much they owe in property taxes and the sticker shock often causes people’s head to spin. If property owners find they are overpaying their share, TurboAppeal, a leading technology firm that helps consumers and businesses appeal property taxes, can help. Their technology blends big data, analytics and data mining to streamline the appeal process.
Taking on the property tax appeal process is quite a cumbersome task, and the average homeowner doesn’t understand the process, said Badal Shah, the CEO of TurboAppeal.
“The current manner in finding the right evidence to substantiate a reduction is paper-driven, and requires manual searches of evidence,”said Shah. “This can cost a homeowner a lot of time, while also not ensuring that they are finding the right evidence to maximize an appeal opportunity.”
With TurboAppeal the homeowner can sign-up in less than 30 seconds. Then the algorithm begins to work through the data and generate the most accurate evidence for the homeowner. To date, TurboAppeal has saved property owners close to $10MM in property taxes.
“Nationally, we believe approximately 70% of homes are over paying on their property taxes,” said Shah.
Recently the company secured a $4 million Series A round led by Guaranteed Rate, Barbara Corcoran Venture Partners (ABC TV Show Shark Tank), Garland Capital, and Camber Creek. Also participating in this round were Hyde Park Venture Partners, @Properties, and other strategic real estate technology investors.
Other rounds included a $1.5M investment (May 2015) from @Properties, Hyde Park Angels, and Hyde Park Venture Partners (HPVP) and a $3 million seed (February 2016) round led by KGC Capital with participation from Ned Jannotta Jr., and existing investors Gary Holdren, Hyde Park Venture Partners, and Hyde Park Angels.
“We are very appreciative of the investors that have supported us, and many have continued their support through multiple investment rounds,” said Shah.
The investment will be used to scale TurboAppel to 18 states for residential property tax appeals and to offer commercial property tax appeals nationwide. The company has also built new partnerships to provide additional services to its customers.
“We are excited about launching a new commercial tax appeal product through a partnership we launched with ParadigmTax Group, the leading commercial tax group in the U.S. We are also launching a nominal flat-fee product that allows homeowners nationally to print, sign, and mail their appeal for an extremely nominal price,” said Shah said.
TurboAppeal was a Top 5 finalist in the 2015 Startup of the Year Competition and was the first runner up for the ultimate prize.
“We have been very fortunate to have the support from these outstanding business visionaries and investors,” said Shah. “We are honored they believe in our vision of what we can accomplish in this industry.”
Read all our coverage of TurboAppeal on Tech.Co here.
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