Analysis: Winthrop Harbor home prices down 64 percent over past decade; Property tax rates rose to 9.65 percent
Throughout Winthrop Harbor, home prices took a dive between 2007 and 2015, a BlockShopper analysis showed.
The area's median sale price was $175,347 in 2007 but fell to $62,997 in 2015 -- a difference of 64 percent. At the same time, the median effective tax rate (ETR) rose from 3.19 percent in 2007 to 9.65 percent in 2015.
A home's ETR is its property tax bill divided by its market 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 Winthrop Harbor, a $200,000 home would have a bill of $19,300 based on the area's median ETR. Parts of Winthrop Harbor have an ETR between 8.56 and 10.62 percent.
The projected median sale price in the area for 2023 is $22,678, at which time a homeowner will have paid an estimated $102,543 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 Winthrop Harbor. To analyze the data more precisely, BlockShopper broke up suburbs into neighborhoods.