![]() This method could not be used because Greek chapter houses are not sold often, and they are hard to compare to similar-sized properties. The sales approach compares properties that are similar and looks at what they were sold for. Statute requires property to be valued at 100% market value, and there are three approaches: sales, income and cost. “We need to value property, real estate, as close to market value as we can,” Nolte said. Property values increase for a variety of reasons, but the Greek chapters saw a 293.21% average increase because of renovations and the current housing market, Hughes said. How the Lancaster County Assessor’s Office evaluated the houses ![]() The five Greek houses that had the highest percent increase “The goal would be similar-sized properties would be at the same rate because that is only fair to you and your neighbor.” “Everything is treated the same,” Nolte said. The Assessor’s Office began looking at re-evaluating the facilities after receiving calls about Greek chapter building values not being accurate and other “equalization concerns.” There were also a few building sales and new construction that indicated there was a valuation issue, said Phil Hughes from the Lancaster County Assessor’s Office. Chapter buildings at UNL had not been since 2015. ![]() Greek buildings are a subgroup of property and do not get assessed every year. Greek chapters were caught off guard by the increase, especially because they had not seen a major change in property value in recent years, Gayer said. Chapters eat meals and host meetings and events at their house. Some houses have designated sleeping rooms where the beds are and others have individual rooms shared with roommates. Most men and women part of the designated house will live in the facility during their college years. There are 17 fraternities and 12 sororities with chapter houses on or near UNL campuses. “We are tasked by statute with valuing property as close to market value as we can,” Nolte said. Lancaster County Assessor Dan Nolte was not in office until this year, but he said COVID and the housing market during the pandemic years may have led to the lack of change in building valuations. Their building value rose the most out of sororities, according assessor data. Their valuation in 2022 was $250,300, but that didn’t account for a complete remodeling of the house.Īlpha Xi Delta’s valuation on their property increased 534%. And this time, the office looked at how houses were valued near other Big Ten campuses.įarmhouse Fraternity saw the largest increase out of all the Greek chapters. The jump comes after the Lancaster County Assessor’s Office reassessed Greek house values after they hadn’t changed during the pandemic. ![]() “Some of these groups are probably looking at a $100,000 increase in taxes.” “It was sticker shock,” said Assistant Director of Fraternity and Sorority Life Jon Gayer. Greek chapters at the University Nebraska–Lincoln saw their building values jump nearly $1.2 million on average in one year, according to data from the Lancaster County Assessor’s Office. ![]()
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