Analysis: Pine Hills home prices up 60 percent over past decade; Property tax rates rose to 1.87 percent

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Home prices took a rose throughout Pine Hills between 2013 and 2015, a BlockShopper analysis showed.

The median sale price in the area was $26,535 in 2013, but climbed to $66,192 in 2015 -- a difference of 60 percent. At the same time, the median Effective Tax Rate (ETR) rose from 1.64 percent in 2013 to 1.87 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 Hills, a $200,000 home would have a bill of $3,740 based on the area's median ETR. Parts of Pine Hills have an ETR between 1.87 and 1.87 percent.

The area's projected median sale price for 2017 is $26,476, at which time a homeowner will have paid an estimated $4,402 in property taxes on the home since 2013.

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

Neighborhood
2013 Sales
2013 Median Price
2013 Median Property Tax
2015 Sales
2015 Median Price
2015 Median Property Tax
Pine Hills
14
$26,534
$435 (1.64% ETR)
1,351
$66,241, up 60%
$1,240 (1.87% ETR)

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