Analysis: Pine View home prices down 56 percent over past decade; Property tax rates rose to 3.70 percent

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Home prices took a dive throughout Pine View between 2007 and 2014, a BlockShopper analysis showed.

The median sale price in the area was $383,500 in 2007, but fell to $169,950 in 2014 -- a difference of 56 percent. At the same time, the median Effective Tax Rate (ETR) rose from 1.89 percent in 2007 to 3.70 percent in 2014.

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 View, a $200,000 home would have a bill of $7,400 based on the area's median ETR. Parts of Pine View have an ETR between 3.70 and 3.70 percent.

The area's projected median sale price for 2021 is $74,778, at which time a homeowner will have paid an estimated $27,034 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 Pine View. To analyze the data more precisely, BlockShopper broke up suburbs into neighborhoods.

2007 Sales
2007 Median Price
2007 Median Property Tax
2014 Sales
2014 Median Price
2014 Median Property Tax
Maple Park
$7,232 (1.89% ETR)
$169,950, down 56%
$6,284 (3.70% ETR)

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