Analysis: Pine Lakes home prices down 33 percent over past decade; Property tax rates rose to 4.17 percent

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Home prices took a dive throughout Pine Lakes between 2012 and 2015, a BlockShopper analysis showed.

The median sale price in the area was $33,705 in 2012, but fell to $22,557 in 2015 -- a difference of 33 percent. At the same time, the median Effective Tax Rate (ETR) rose from 3.37 percent in 2012 to 4.17 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 Pine Lakes, a $200,000 home would have a bill of $8,340 based on the area's median ETR. Parts of Pine Lakes have an ETR between 4.16 and 4.16 percent.

The area's projected median sale price for 2018 is $15,113, at which time a homeowner will have paid an estimated $8,610 in property taxes on the home since 2012.

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 Pine Lakes. To analyze the data more precisely, BlockShopper broke up suburbs into neighborhoods.

Neighborhood
2012 Sales
2012 Median Price
2012 Median Property Tax
2015 Sales
2015 Median Price
2015 Median Property Tax
Pine Lakes
1
$33,705
$1,135 (3.37% ETR)
1
$22,557, down 33%
$939 (4.16% ETR)

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