Analysis: West Chicago home prices up 26 percent over past decade; Property tax rates fell to 5.60 percent
The area's median sale price was $91,318 in 2011, but climbed to $123,271 in 2015 -- a difference of 26 percent. At the same time, the median Effective Tax Rate (ETR) fell from 7.24 percent in 2011 to 5.60 percent in 2015.
A home's ETR is its property tax bill divided by its marked value. A $200,000 home with a $3,000 property tax bill would have an ETR of 1.5 percent.
The median ETR in Illinois is 2.3 percent, according to a 2007 WalletHub analysis of U.S. Census data. In Indiana, it's 0.87 percent.
The average $200,000 home in Illinois has a property tax bill of $4,600, versus $1,740 in Indiana.
In West Chicago, a $200,000 home would have a bill of $11,199 based on the area's median ETR. Parts of West Chicago have an ETR between 4.04 and 6.50 percent.
The projected median sale price in the area for 2019 is $91,220, at which time a homeowner will have paid an estimated $69,038 in property taxes on the home since 2011.
The Blockshopper analysis uses real home values, adjusting historical sales prices for inflation. The U.S. inflation rate from 2007 to 2015 was 14.3 percent, meaning a home had to appreciate by more than that to actually increase in value.
Below is a table comparing sale prices and property taxes within West Chicago. To analyze the data more precisely, BlockShopper broke up suburbs into neighborhoods.
Organizations in this Story
118 North Clark Street
Chicago, IL - 60602