550 Topeka Drive | Zillow
550 Topeka Drive | Zillow
When finance manager Larry Barrett announced on his Facebook page in 2015 that he was moving his family to Indiana, a friend asked what prompted his decision.
His reply: "When I can make the same money somewhere where it costs half as much and the weather is at least somewhat better. ...why not??"
Barrett and his wife, Iris Scaggs, finally sold their Grayslake townhome earlier this month for $175,000, according to Zillow. They had bought the three-bedroom, three-bath home at 550 Topeka Drive in 2007 for $249,796 ($303,643 in today's dollars), which means they came out on the short end of the sale by $128,643.
Lake County Treasurer records show they paid $65,083 in property taxes while owning the home -- or a 36.62 percent effective property tax rate.
Homeowners in Grayslake, Volo, the Lake County side of Lakemoor and Zion saw the highest effective tax rates in area during the second part of 2018, according to an analysis by Local Government Services (LGIS), which publishes the Lake County Gazette.
The effective property tax rate, or the percentage of your home’s value that you pay in property taxes each year, averages 2.31 percent in Illinois, three times the 0.87 percent tax rate in neighboring Indiana, according to WalletHub.com.
Across the nation, the average tax rate is 1.3 percent.
Of the 60 Lake County communities surveyed by LGIS, 45 have effective property tax rates higher than the state average. Grayslake topped the list with a 4.3 percent tax rate, Volo was second at 4.2 percent Lakemoor came in third at 4.16 percent and Zion was fourth with 4.08 percent.
Barrett and Scaggs now own a four-bedroom, two bath home five hours away in Richmond, Indiana. The taxes over the last 12 years, according to Zillow -- a mere $12,942.
A 25 percent jump in property taxes over 5 years
In Volo, Eric and Liv Grossman purchased 361 Minuet Circle in 2012 for $292,384, according to Lake County property tax records. With inflation, that equates to $326,065 today.
The 3,232-square-foot home has three bedrooms and three bathrooms. The suburban home backs onto a lake and looks like an idyllic place to raise a family.
The Grossmans sold the house on March 22 for $265,000, $61,065 less than they paid (inflation adjusted). County records show that their annual taxes climbed from $9,425 the first year they owned the home to $11,680 in 2017, or a 23.93 percent change over five years.
All told, their taxes while owning the house were $65,634, for a 24.77 percent effective property tax rate.
Warren Stover fared even worse in Zion.
He bought his four-bedroom, three-bath house at 4012 Cypress Drive directly from the builder in 2008 for $272,472 ($327,618 in today's dollars). After almost 10 months on the market, the home finally sold on March 8 for $234,900, or a $92,718 loss.
While owning the home, county tax records indicate Stover paid $76,427 in property taxes, for a 32.54 effective tax rate.
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Lake County Effective Property Tax Rates July 1-Dec. 31, 2018
| Community | Effective Tax Rate | Median Tax Bill | Median Sale Price |
| Grayslake | 4.30% | $8,377 | $195,000 |
| Volo | 4.20% | $9,860 | $234,900 |
| Lakemoor | 4.16% | $6,860 | $165,000 |
| Zion | 4.08% | $4,987 | $122,225 |
| Third Lake | 3.93% | $9,633 | $245,000 |
| Hainesville | 3.75% | $5,628 | $150,000 |
| Barrington Hills | 3.69% | $19,745 | $534,500 |
| Lake Villa | 3.53% | $7,979 | $226,000 |
| Winthrop Harbor | 3.48% | $5,748 | $164,950 |
| Lindenhurst | 3.39% | $7,174 | $211,500 |
| Round Lake | 3.35% | $6,710 | $200,000 |
| Wadsworth | 3.07% | $8,752 | $285,000 |
| Long Grove | 3.03% | $18,468 | $609,000 |
| Lincolnshire | 3.02% | $13,528 | $448,000 |
| Forest Lake | 3.00% | $5,624 | $187,250 |
| Beach Park | 2.98% | $5,368 | $180,000 |
| Gurnee | 2.98% | $6,713 | $225,000 |
| Vernon Hills | 2.98% | $8,241 | $277,000 |
| Buffalo Grove | 2.92% | $10,114 | $346,250 |
| Deerfield | 2.88% | $11,743 | $407,500 |
| Grandwood Park | 2.80% | $6,661 | $238,000 |
| Round Lake Beach | 2.80% | $4,073 | $145,500 |
| Cary | 2.78% | $6,743 | $242,500 |
| Antioch | 2.76% | $6,356 | $230,000 |
| Waukegan | 2.73% | $3,596 | $131,950 |
| Tower Lakes | 2.72% | $10,610 | $390,000 |
| Wauconda | 2.72% | $6,246 | $229,450 |
| Gages Lake | 2.70% | $5,193 | $192,250 |
| Round Lake Heights | 2.70% | $5,104 | $189,000 |
| Round Lake Park | 2.66% | $3,283 | $123,625 |
| Deer Park | 2.63% | $11,164 | $425,000 |
| Barrington | 2.60% | $9,828 | $377,500 |
| Kildeer | 2.60% | $15,393 | $592,500 |
| Libertyville | 2.52% | $9,581 | $380,000 |
| Ingleside Shore | 2.49% | $4,104 | $165,000 |
| Highwood | 2.45% | $6,966 | $284,000 |
| Riverwoods | 2.45% | $15,724 | $642,500 |
| North Barrington | 2.43% | $14,283 | $588,250 |
| Fox Lake Hills | 2.42% | $3,993 | $165,000 |
| Fox Lake | 2.41% | $4,491 | $186,200 |
| Island Lake | 2.40% | $4,772 | $199,000 |
| Hawthorn Woods | 2.38% | $12,053 | $505,414 |
| Channel Lake | 2.37% | $3,904 | $164,900 |
| Mundelein | 2.37% | $4,448 | $188,000 |
| Highland Park | 2.33% | $12,813 | $550,000 |
| Lake Bluff | 2.29% | $11,235 | $489,900 |
| Horatio Gardens | 2.26% | $7,540 | $333,000 |
| Long Lake | 2.26% | $2,990 | $132,500 |
| Venetian Village | 2.26% | $3,590 | $159,000 |
| Lake Zurich | 2.24% | $7,406 | $330,000 |
| Green Oaks | 2.20% | $12,664 | $574,375 |
| Lake Catherine | 2.20% | $4,065 | $184,950 |
| Knollwood | 2.12% | $5,830 | $274,625 |
| Spring Grove | 2.12% | $3,026 | $142,500 |
| Lake Barrington | 2.11% | $7,188 | $340,000 |
| Park City | 2.09% | $3,651 | $175,000 |
| North Chicago | 2.07% | $2,173 | $105,000 |
| Lake Forest | 1.88% | $14,241 | $759,000 |
| Lotus Woods | 1.86% | $2,879 | $155,000 |
| Mettawa | 1.54% | $13,661 | $887,000 |
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