The Schweppe Estate, 405 N. Mayflower Road in Lake Forest, has a property tax bill of nearly $150,000. It has been for sale for a decade. | Zillow
The Schweppe Estate, 405 N. Mayflower Road in Lake Forest, has a property tax bill of nearly $150,000. It has been for sale for a decade. | Zillow
In July 2005, Stephanie Galioto paid $219,000-- $282,568 in today's dollars-- for a three-bedroom, 2.5 bath at 788 Crossland Drive in Grayslake. The home's 2005 property taxes were $5,314, an effective rate then of 2.4 percent.
Galioto sold the home on July 6 for $197,000. Her tax bill this year: $7,971, or about four percent of its sale value.
That's the median effective rate in Grayslake this year, according to a Blockshopper.com analysis of real estate sales data in Lake County from Jan 1. to June 30, 2018, among the highest in Lake County.
It is also more than four times the national average and nearly twice the state average.
Put another way: a $197,000 home in Indiana, where the effective rate is 0.89 percent, would have a property tax bill of about $1,750, or more than $6,000 less per year.
Blockshopper's data, covering 65 Lake County communities, shows homeowners in Grayslake, Zion, Volo and Hainesville pay the highest property taxes in the county-- four percent or more of their homes' value each year.
Homeowners in Zion, where the median sale price was $116,603 for homes sold between January and June, pay the highest bills-- nearly $5,000 per home – or 4.28 percent of a median home value, according to the data.
Lakemoor, Lake Villa, Lindenhurst, Beach Park, Third Lake, Round Lake, Round Lake Heights, Winthrop Harbor, Long Grove and Lincolnshire all have median effective property tax rates higher than three percent.
Illinois homeowners pay the second-highest property taxes in the country with an effective median rate of 2.22 percent, just behind those in New Jersey's (2.28 percent).
Equity-less home ownership
William and Jennifer Zahn sold their four bedroom, three-bath at 1909 Midday Drive in Zion July 20 for $197,000, for what looked like a 31 percent increase from the $150,000 they paid for it in 2011.
But consider inflation-- that $150,000 home really cost $168,000 in today's dollars. And property taxes-- the Zahns paid $37,447 over their seven years of Zion home ownership, with their last bill being $6,519, an effective rate of 4.3 percent. All told, they lost about $8,500 on the deal.
It could be worse. Some homes in Zion have become unsalable to homeowners. Like in Chicago's most impoverished neighborhoods, the only buyers are investors keen on converting them into rentals.
A three-bedroom, 1.5 bath at 3210 Bethel Blvd. in Zion sold for $22,000 on July 13 to an investor buyer who is now trying to rent it out for $1,350 per month.
Previous owner Cheryl Petersen paid $133,000 for the home in 2004-- $177,419 in today's dollars. She owned it 12 years, paying $53,815 in property taxes-- $4,814 in 2016-- before Bank of America foreclosed on her.
Lake Forest has among the highest home values in Lake County and the lowest effective tax rate-- 1.74 percent, less than half Zion's.
But home values there have been flat to down since peaking at a median sale price of $1.15 million in 2007.
The market is worst for Lake Forest's highest-end home sellers, who are courting buyers wary of buying expensive assets that, thanks to ever-increasing property tax bills, they might never be able to sell.
The famous 25,000 square-foot Schweppe Estate at 405 N. Mayflower Road, which has 27 rooms and 425 feet of beach on five acres, has been on the market for ten years. It is currently for sale for $8.95 million, down from $18 million in 2008.
Its asking price has fallen but its property tax bill, has continued to rise-- from $118,531 to $145,737 over the past decade.
In contrast-- the same price ($8.95 million) gets you a 5,800 square-foot five bedroom on one-third of an acre in Beverly Hills, California. Its tax bill is only 40 percent of the Schweppe Estate's, or $58,285.
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Lake County communities paying the highest effective property tax rates
The following table ranks Lake County communities by their median effective property tax rate, calculated using sales and property tax data from 2018.
| City | Properties Sold | Median Sale Price | Median tax | Effective Tax Rate |
| Zion | 182 | $116,603 | $4,987 | 4.28% |
| Volo | 14 | $245,500 | $9,854 | 4.01% |
| Hainesville | 50 | $140,295 | $5,628 | 4.01% |
| Grayslake | 220 | $209,500 | $8,380 | 4.00% |
| Lakemoor | 14 | $190,500 | $6,860 | 3.60% |
| Lake Villa | 90 | $221,750 | $7,964 | 3.59% |
| Lindenhurst | 152 | $201,000 | $7,170 | 3.57% |
| Beach Park | 74 | $155,843 | $5,368 | 3.44% |
| Third Lake | 10 | $281,750 | $9,633 | 3.42% |
| Round Lake | 122 | $197,000 | $6,713 | 3.41% |
| Round Lake Heights | 13 | $157,000 | $5,104 | 3.25% |
| Winthrop Harbor | 61 | $177,000 | $5,748 | 3.25% |
| Long Grove | 79 | $577,500 | $18,470 | 3.20% |
| Lincolnshire | 67 | $440,000 | $13,527 | 3.07% |
| Buffalo Grove | 240 | $340,000 | $10,116 | 2.98% |
| Round Lake Beach | 213 | $138,000 | $4,073 | 2.95% |
| Tower Lakes | 9 | $362,500 | $10,610 | 2.93% |
| Antioch | 203 | $220,000 | $6,329 | 2.88% |
| Gurnee | 254 | $234,450 | $6,712 | 2.86% |
| Wauconda | 92 | $220,000 | $6,246 | 2.84% |
| Waukegan | 323 | $127,900 | $3,596 | 2.81% |
| Cary | 5 | $246,500 | $6,743 | 2.74% |
| Gages Lake | 84 | $191,000 | $5,197 | 2.72% |
| Harris Corners | 2 | $318,803 | $8,661 | 2.72% |
| Indian Creek | 3 | $380,000 | $10,321 | 2.72% |
| Round Lake Park | 27 | $121,000 | $3,283 | 2.71% |
| Horatio Gardens | 9 | $280,000 | $7,555 | 2.70% |
| North Barrington | 19 | $525,000 | $14,147 | 2.69% |
| Fox Lake | 72 | $166,750 | $4,493 | 2.69% |
| Highland Park | 204 | $476,250 | $12,806 | 2.69% |
| Long Lake | 25 | $111,500 | $2,990 | 2.68% |
| Lotus Woods | 7 | $108,500 | $2,898 | 2.67% |
| Deerfield | 205 | $440,000 | $11,741 | 2.67% |
| Kildeer | 30 | $577,450 | $15,394 | 2.67% |
| Lake Catherine | 14 | $155,250 | $4,067 | 2.62% |
| Grandwood Park | 60 | $255,000 | $6,638 | 2.60% |
| Channel Lake | 9 | $150,305 | $3,904 | 2.60% |
| Bannockburn | 7 | $900,000 | $23,217 | 2.58% |
| Riverwoods | 18 | $612,500 | $15,730 | 2.57% |
| Vernon Hills | 220 | $325,000 | $8,247 | 2.54% |
| Hawthorn Woods | 76 | $480,274 | $12,052 | 2.51% |
| Park City | 6 | $147,500 | $3,651 | 2.48% |
| Libertyville | 215 | $388,000 | $9,586 | 2.47% |
| Island Lake | 23 | $194,000 | $4,772 | 2.46% |
| Wadsworth | 26 | $362,500 | $8,752 | 2.41% |
| Lake Barrington | 92 | $298,000 | $7,182 | 2.41% |
| Mundelein | 85 | $185,000 | $4,448 | 2.40% |
| Spring Grove | 8 | $125,000 | $3,004 | 2.40% |
| Fox River Grove | 3 | $505,000 | $12,133 | 2.40% |
| Barrington | 63 | $412,500 | $9,870 | 2.39% |
| Green Oaks | 23 | $547,500 | $12,667 | 2.31% |
| Forest Lake | 13 | $245,000 | $5,624 | 2.30% |
| Lake Zurich | 137 | $330,000 | $7,412 | 2.25% |
| Echo Lake | 2 | $189,000 | $4,245 | 2.25% |
| Venetian Village | 25 | $159,900 | $3,589 | 2.24% |
| Deer Park | 27 | $500,000 | $11,168 | 2.23% |
| Highwood | 15 | $312,000 | $6,966 | 2.23% |
| Fox Lake Hills | 36 | $183,000 | $3,994 | 2.18% |
| Mettawa | 4 | $635,000 | $13,661 | 2.15% |
| Ingleside Shore | 33 | $194,500 | $4,105 | 2.11% |
| Barrington Hills | 5 | $937,500 | $19,745 | 2.11% |
| Knollwood | 11 | $280,000 | $5,830 | 2.08% |
| North Chicago | 58 | $105,500 | $2,174 | 2.06% |
| Lake Bluff | 57 | $560,000 | $11,197 | 2.00% |
| Lake Forest | 171 | $820,000 | $14,244 | 1.74% |
Lake County communities with the highest median home price
The following table ranks Lake County cities by their median sale price, which is calculated using prices of properties sold during the first six months of 2018.
| City | Properties Sold | Median Sale Price | Median tax | Effective Tax Rate |
| Barrington Hills | 5 | $937,500 | $19,745 | 2.11% |
| Bannockburn | 7 | $900,000 | $23,217 | 2.58% |
| Lake Forest | 171 | $820,000 | $14,244 | 1.74% |
| Mettawa | 4 | $635,000 | $13,661 | 2.15% |
| Riverwoods | 18 | $612,500 | $15,730 | 2.57% |
| Long Grove | 79 | $577,500 | $18,470 | 3.20% |
| Kildeer | 30 | $577,450 | $15,394 | 2.67% |
| Lake Bluff | 57 | $560,000 | $11,197 | 2.00% |
| Green Oaks | 23 | $547,500 | $12,667 | 2.31% |
| North Barrington | 19 | $525,000 | $14,147 | 2.69% |
| Fox River Grove | 3 | $505,000 | $12,133 | 2.40% |
| Deer Park | 27 | $500,000 | $11,168 | 2.23% |
| Hawthorn Woods | 76 | $480,274 | $12,052 | 2.51% |
| Highland Park | 204 | $476,250 | $12,806 | 2.69% |
| Lincolnshire | 67 | $440,000 | $13,527 | 3.07% |
| Deerfield | 205 | $440,000 | $11,741 | 2.67% |
| Barrington | 63 | $412,500 | $9,870 | 2.39% |
| Libertyville | 215 | $388,000 | $9,586 | 2.47% |
| Indian Creek | 3 | $380,000 | $10,321 | 2.72% |
| Tower Lakes | 9 | $362,500 | $10,610 | 2.93% |
| Wadsworth | 26 | $362,500 | $8,752 | 2.41% |
| Buffalo Grove | 240 | $340,000 | $10,116 | 2.98% |
| Lake Zurich | 137 | $330,000 | $7,412 | 2.25% |
| Vernon Hills | 220 | $325,000 | $8,247 | 2.54% |
| Harris Corners | 2 | $318,803 | $8,661 | 2.72% |
| Highwood | 15 | $312,000 | $6,966 | 2.23% |
| Lake Barrington | 92 | $298,000 | $7,182 | 2.41% |
| Third Lake | 10 | $281,750 | $9,633 | 3.42% |
| Horatio Gardens | 9 | $280,000 | $7,555 | 2.70% |
| Knollwood | 11 | $280,000 | $5,830 | 2.08% |
| Grandwood Park | 60 | $255,000 | $6,638 | 2.60% |
| Cary | 5 | $246,500 | $6,743 | 2.74% |
| Volo | 14 | $245,500 | $9,854 | 4.01% |
| Forest Lake | 13 | $245,000 | $5,624 | 2.30% |
| Gurnee | 254 | $234,450 | $6,712 | 2.86% |
| Lake Villa | 90 | $221,750 | $7,964 | 3.59% |
| Antioch | 203 | $220,000 | $6,329 | 2.88% |
| Wauconda | 92 | $220,000 | $6,246 | 2.84% |
| Grayslake | 220 | $209,500 | $8,380 | 4.00% |
| Lindenhurst | 152 | $201,000 | $7,170 | 3.57% |
| Round Lake | 122 | $197,000 | $6,713 | 3.41% |
| Ingleside Shore | 33 | $194,500 | $4,105 | 2.11% |
| Island Lake | 23 | $194,000 | $4,772 | 2.46% |
| Gages Lake | 84 | $191,000 | $5,197 | 2.72% |
| Lakemoor | 14 | $190,500 | $6,860 | 3.60% |
| Echo Lake | 2 | $189,000 | $4,245 | 2.25% |
| Mundelein | 85 | $185,000 | $4,448 | 2.40% |
| Fox Lake Hills | 36 | $183,000 | $3,994 | 2.18% |
| Winthrop Harbor | 61 | $177,000 | $5,748 | 3.25% |
| Fox Lake | 72 | $166,750 | $4,493 | 2.69% |
| Venetian Village | 25 | $159,900 | $3,589 | 2.24% |
| Round Lake Heights | 13 | $157,000 | $5,104 | 3.25% |
| Beach Park | 74 | $155,843 | $5,368 | 3.44% |
| Lake Catherine | 14 | $155,250 | $4,067 | 2.62% |
| Channel Lake | 9 | $150,305 | $3,904 | 2.60% |
| Park City | 6 | $147,500 | $3,651 | 2.48% |
| Hainesville | 50 | $140,295 | $5,628 | 4.01% |
| Round Lake Beach | 213 | $138,000 | $4,073 | 2.95% |
| Waukegan | 323 | $127,900 | $3,596 | 2.81% |
| Spring Grove | 8 | $125,000 | $3,004 | 2.40% |
| Round Lake Park | 27 | $121,000 | $3,283 | 2.71% |
| Zion | 182 | $116,603 | $4,987 | 4.28% |
| Long Lake | 25 | $111,500 | $2,990 | 2.68% |
| Lotus Woods | 7 | $108,500 | $2,898 | 2.67% |
| North Chicago | 58 | $105,500 | $2,174 | 2.06% |
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