Analysis: Ocoee home prices down 97 percent over past decade; Property tax rates rose to 2.36 percent

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Home prices took a dive throughout Ocoee between 2014 and 2015, a BlockShopper analysis showed.

The median sale price in the area was $4,030,522 in 2014, but fell to $127,120 in 2015 -- a difference of 97 percent. At the same time, the median Effective Tax Rate (ETR) rose from 1.52 percent in 2014 to 2.36 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 Ocoee, a $200,000 home would have a bill of $4,720 based on the area's median ETR. Parts of Ocoee have an ETR between 2.19 and 2.60 percent.

The area's projected median sale price for 2016 is $3,813, at which time a homeowner will have paid an estimated $128,153 in property taxes on the home since 2014.

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.

The table below compares sale prices and property taxes within Ocoee. To analyze the data more precisely, BlockShopper broke up suburbs into neighborhoods.

Neighborhood
2014 Sales
2014 Median Price
2014 Median Property Tax
2015 Sales
2015 Median Price
2015 Median Property Tax
North of Turnpike
2
$77,301
$2,628 (3.40% ETR)
2
$128,544, up 40%
$3,183 (2.48% ETR)
South Ocoee
4
$7,014,737
$105,461 (1.50% ETR)
356
$163,080, down 98%
$4,235 (2.60% ETR)
Central Ocoee
1
$103
$423 (410.68% ETR)
564
$87,640, up 100%
$1,965 (2.24% ETR)

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