Binding arbitration is a legal recourse option for a property owner who is unsatisfied with a final value that the Appraisal Review Board (ARB) determined at a formal hearing. Available for residential or commercial properties appraised at under $1 million, binding arbitration also applies to residential properties that qualify for Homestead Exemptions regardless of their value. Homeowners with properties valued above $1 million may request a district court hearing instead of binding arbitration.