Analysis: Crystal Lake home prices down 3 percent over past decade; Property tax rates rose to 5.15 percent

Home prices took a dive throughout Crystal Lake between 2010 and 2015, a BlockShopper analysis showed.

The median sale price in the area was $123,073 in 2010, but fell to $118,832 in 2015 -- a difference of 3 percent. At the same time, the median Effective Tax Rate (ETR) rose from 4.96 percent in 2010 to 5.15 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 Crystal Lake, a $200,000 home would have a bill of $10,300 based on the area's median ETR. Parts of Crystal Lake have an ETR between 4.79 and 6.76 percent.

The area's projected median sale price for 2020 is $115,267, at which time a homeowner will have paid an estimated $72,220 in property taxes on the home since 2010.

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 Crystal Lake. To analyze the data more precisely, BlockShopper broke up suburbs into neighborhoods.

Neighborhood

2010 Sales

2010 Median Price

2010 Median Property Tax

2015 Sales

2015 Median Price

2015 Median Property Tax

North of Downtown

$147,797

$7,538 (5.10% ETR)

150

$142,048, down 4%

$7,265 (5.11% ETR)

South of Downtown

$151,823

$5,324 (3.51% ETR)

$83,226, down 45%

$5,622 (6.76% ETR)

Downtown Crystal Lake

$108,124

$5,806 (5.37% ETR)

$106,986, down 1%

$5,336 (4.99% ETR)

South of Four Colonies

308

$127,529

$6,198 (4.86% ETR)

487

$124,609, down 2%

$6,453 (5.18% ETR)

Greater Coventry

$99,585

$5,007 (5.03% ETR)

147

$92,812, down 7%

$4,670 (5.03% ETR)

North of Crystal Lake

$260,961

$9,373 (3.59% ETR)

$235,829, down 10%

$11,300 (4.79% ETR)

Northshore

$45,834

$5,625 (12.27% ETR)

$87,448, up 48%

$4,292 (4.91% ETR)

West End

$93,410

$7,248 (7.76% ETR)

$92,188, down 1%

$6,167 (6.69% ETR)

The Vista

$70,467

$4,878 (6.92% ETR)

$100,273, up 30%

$4,926 (4.91% ETR)

Analysis: Crystal Lake home prices down 3 percent over past decade; Property tax rates rose to 5.15 percent

Analysis: Crystal Lake home prices down 3 percent over past decade; Property tax rates rose to 5.15 percent

Analysis: Crystal Lake home prices down 3 percent over past decade; Property tax rates rose to 5.15 percent

by Local Labs News Service published Sep. 22, 2017

Related Links

States