In short
Look up if you are overpaying.
What is an informal review of a property assessment?
The IAAO Standard on Assessment Appeal describes an informal consultation with the assessor, by meeting, phone, or correspondence, before a formal filing. It is a chance for both sides to look at the printed number. It is not a hearing in front of a board. Some places require that conversation first. Others skip it. Missing the later formal window because the informal talk ran long is a real risk IAAO flags in that same standard.
What is a formal property tax appeal?
It is the filing that opens a case in front of a board of equalization, board of revision, or the local equivalent. The board of equalization page stays on that panel. You pay only if FairAppeal saves you money. The Fair Appeal path is the formal case, carried for the owner, not a script for a kitchen-table filing.
Related reading: the property tax glossary and how property tax appeals work.