![]() ![]() “Most of them operate in the red or very, very near in the red,” Hughes said. But Greek chapters are generally nonprofits. The income approach, used with most commercial properties, determines value based on the amount of money brought in. This method could not be used because Greek chapter houses are rarely sold and are hard to compare to similar-sized properties. The sales approach compares a property with similar properties recently sold. There are three approaches: sales, income and cost. ![]() The statute requires property to be valued at 100% market value. “We need to value property, real estate as close to market value as we can,” Nolte said. The Greek chapters saw a 293.21% average increase because of renovations and the current housing market, Hughes said. Property values increase for a variety of reasons. How the Lancaster County Assessor’s Office evaluated the houses The Assessor’s Office began looking at reevaluating the houses 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 a valuation issue, said Phil Hughes from the Lancaster County Assessor’s Office. Greek chapters were caught off guard by the increase in part because they had not seen a major change in property value in recent years, Gayer said.Ĭhapter buildings at UNL had not been reassessed since 2015. Chapters eat meals and host meetings and events at their house. Some houses have designated sleeping rooms while others have individual rooms shared with roommates. Most men and women who are part of a designated house live there 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 may have led to the lack of change in previous building valuations. Kappa Delta’s value also nearly quadrupled to nearly $1.6 million. Their building value rose the most out of any UNL sorority according to assessor data.Īlpha Gamma Rho’s valuation nearly quadrupled to more than $4.8 million. Their new one: $1.56 million, a staggering 534% increase. Now their new valuation is $7.24 million.Īlpha Xi Delta’s old valuation was $246,400. Their valuation in 2022 was $250,300 but that didn’t account for a complete remodeling of the house. The Farmhouse Fraternity saw the largest increase out of all the Greek chapters. This time, the office looked at how houses were valued near other Big Ten campuses. The Lancaster County Assessor’s Office reassessed Greek house values after they had not 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 of 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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