Analysis: Wellington home prices up 13 percent over past decade; Property tax rates fell to 1.79 percent

Home prices took a rose throughout Wellington between 2014 and 2015, a BlockShopper analysis showed.

The median sale price in the area was $115,180 in 2014, but climbed to $132,112 in 2015 -- a difference of 13 percent. At the same time, the median Effective Tax Rate (ETR) fell from 1.99 percent in 2014 to 1.79 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 Wellington, a $200,000 home would have a bill of $3,580 based on the area's median ETR. Parts of Wellington have an ETR between 1.26 and 2.30 percent.

The area's projected median sale price for 2016 is $114,937, at which time a homeowner will have paid an estimated $9,322 in property taxes on the home since 2014.

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

Neighborhood

2014 Sales

2014 Median Price

2014 Median Property Tax

2015 Sales

2015 Median Price

2015 Median Property Tax

10407

$112,646

$2,476 (2.20% ETR)

$147,216, up 23%

$2,272 (1.54% ETR)

10411

$61,397

$1,624 (2.65% ETR)

$68,150, up 10%

$1,567 (2.30% ETR)

10401

$137,675

$3,272 (2.38% ETR)

$198,223, up 31%

$3,351 (1.69% ETR)

10301

$219,390

$3,824 (1.74% ETR)

$190,550, down 13%

$2,838 (1.49% ETR)

10409

$123,085

$2,096 (1.70% ETR)

$113,085, down 8%

$2,196 (1.94% ETR)

10400

$63,635

$1,515 (2.38% ETR)

$90,094, up 29%

$1,887 (2.09% ETR)

10300

$154,963

$2,974 (1.92% ETR)

$155,230, up 0%

$2,383 (1.54% ETR)

10000

$64,890

$1,947 (3.00% ETR)

$218,360, up 70%

$2,759 (1.26% ETR)

10403

$136,842

$3,007 (2.20% ETR)

$162,409, up 16%

$2,482 (1.53% ETR)

10302

$175,718

$2,828 (1.61% ETR)

$262,650, up 33%

$3,693 (1.41% ETR)

10100

$123,709

$2,233 (1.81% ETR)

$183,082, up 32%

$3,169 (1.73% ETR)

10404

$187,460

$3,344 (1.78% ETR)

$168,576, down 10%

$3,102 (1.84% ETR)

10800

$148,651

$2,395 (1.61% ETR)

$165,257, up 10%

$2,932 (1.77% ETR)

10200

$118,659

$2,309 (1.95% ETR)

$143,182, up 17%

$2,492 (1.74% ETR)

10405

$106,064

$1,947 (1.84% ETR)

$111,240, up 5%

$1,857 (1.67% ETR)

10101

$237,312

$3,818 (1.61% ETR)

$228,145, down 4%

$3,615 (1.58% ETR)

10600

$157,507

$2,987 (1.90% ETR)

$162,646, up 3%

$3,359 (2.07% ETR)

10406

$86,862

$1,880 (2.16% ETR)

$52,873, down 39%

$840 (1.59% ETR)

10700

$116,797

$2,521 (2.16% ETR)

$92,592, down 21%

$1,746 (1.89% ETR)

Analysis: Wellington home prices up 13 percent over past decade; Property tax rates fell to 1.79 percent

Analysis: Wellington home prices up 13 percent over past decade; Property tax rates fell to 1.79 percent

Analysis: Wellington home prices up 13 percent over past decade; Property tax rates fell to 1.79 percent

by Local Labs News Service published Nov. 16, 2017

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