Analysis: Blackberry Acres home prices down 47 percent over past decade; Property tax rates rose to 4.60 percent

Medium realestate5

Home prices took a dive throughout Blackberry Acres between 2007 and 2015, a BlockShopper analysis showed.

The median sale price in the area was $409,263 in 2007, but fell to $215,244 in 2015 -- a difference of 47 percent. At the same time, the median Effective Tax Rate (ETR) rose from 1.45 percent in 2007 to 4.60 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 Blackberry Acres, a $200,000 home would have a bill of $9,200 based on the area's median ETR. Parts of Blackberry Acres have an ETR between 4.60 and 4.60 percent.

The area's projected median sale price for 2023 is $114,079, at which time a homeowner will have paid an estimated $67,184 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.

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

Neighborhood
2007 Sales
2007 Median Price
2007 Median Property Tax
2015 Sales
2015 Median Price
2015 Median Property Tax
South of Keslinger Rd
3
$409,262
$5,927 (1.45% ETR)
4
$215,244, down 47%
$9,909 (4.60% ETR)

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