Big TAX problem for House Corps

[Texas Sig]

The Univeristy of Texas and the City of Austin worked together to re-zone land where the Greek houses are located. Most tracts are zoned Multi-Family BUT the city applied an "overlay zoning" they call the University Overlay Ordinance. This ordinance allows property to be developed as condos and mixed use up to 120 feet tall.

The Sigma Chi property taxes went from $12,000 to more than $61,000 in a two year period. Obviously we cannot pay these taxes for long.

So, we are faced with 1. selling the property, 2. getting the city to let us opt-out of the overlay or 3. getting the state legislature to step in.

All Greeks everywhere need to wake up and address this strategy ASAP.

The problem is that your county appraiser appriases your land based on its development potential, NOT the use. This could happen anywhere if Austin gets away with it. It is a slick way to push Greeks off of their property and make their location much less pedestrian oriented.

So, we all need to work on this wherever you are.