FiveStone

Property-tax appeal incumbent does $100M revenue with 200 people

Sam details the property-tax-protest market: incumbent O'Connor does ~$100M/year with 200 people; FiveStone filed 24,000 protests for ~$4M revenue. Services charge $50-$300 per customer, cut appraised value 2-5%, with a 70% success rate.

“One's called, I think it's called PO, the URL is poconner.com. They do about $100 million a year in revenue with 200 people. And then another one is called FiveStone, which is local to Austin. They filed 24,000 protests last year and made like $4 million. The way the company works is, what the numbers are, the average revenue per customer is about $50 to $300. And it usually saves customers 2 to 5% of an appraised value. It lowers your appraised value by 2 to 5%. And they have a 70% success rate.”