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Lake County Gazette

Friday, April 19, 2024

Analysis: Buffalo Grove home prices down 24 percent over past decade; Property tax rates rose to 3.77 percent

Throughout Buffalo Grove, home prices took a dive between 2007 and 2015, a BlockShopper analysis showed.

The area's median sale price was $172,281 in 2007, but fell to $131,053 in 2015 -- a difference of 24 percent. At the same time, the median Effective Tax Rate (ETR) rose from 2.85 percent in 2007 to 3.77 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 Buffalo Grove, a $200,000 home would have a bill of $7,539 based on the area's median ETR. Parts of Buffalo Grove have an ETR between 2.76 and 4.86 percent.

The projected median sale price in the area for 2023 is $99,600, at which time a homeowner will have paid an estimated $86,040 in property taxes on the home since 2007.

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 Buffalo Grove. To analyze the data more precisely, BlockShopper broke up suburbs into neighborhoods.

Neighborhood
2007 Sales
2007 Median Price
2007 Median Property Tax
2015 Sales
2015 Median Price
2015 Median Property Tax
Buffalo Grove North
144
$308,612
$12,692 (4.11% ETR)
164
$284,274, down 8%
$13,257 (4.66% ETR)
Buffalo Grove East
58
$170,799
$8,376 (4.90% ETR)
60
$177,365, up 4%
$7,824 (4.41% ETR)
Buffalo Grove Central
462
$241,049
$8,719 (3.62% ETR)
550
$184,052, down 24%
$8,940 (4.86% ETR)
North Arlington Heights/Lake Arlington Park
28
$150,491
$3,307 (2.20% ETR)
51
$83,066, down 45%
$2,292 (2.76% ETR)
Southwest Buffalo Grove
158
$170,397
$5,063 (2.97% ETR)
178
$161,876, down 5%
$5,936 (3.67% ETR)
North Wheeling
5
$146,556
$2,996 (2.04% ETR)
15
$90,605, down 38%
$3,503 (3.87% ETR)
Southeast Buffalo Grove
181
$178,006
$5,069 (2.85% ETR)
240
$120,396, down 32%
$4,871 (4.05% ETR)

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