Analysis: Waukegan home prices down 55 percent over past decade; Property tax rates rose to 7.86 percent
The area's median sale price was $117,618 in 2007, but fell to $52,848 in 2015 -- a difference of 55 percent. At the same time, the median Effective Tax Rate (ETR) rose from 4.76 percent in 2007 to 7.86 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 Waukegan, a $200,000 home would have a bill of $15,720 based on the area's median ETR. Parts of Waukegan have an ETR between 2.01 and 8.99 percent.
The projected median sale price in the area for 2023 is $23,781, at which time a homeowner will have paid an estimated $86,900 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 Waukegan. To analyze the data more precisely, BlockShopper broke up suburbs into neighborhoods.
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118 North Clark Street
Chicago, IL - 60602