Analysis: Willoughby Hills home prices up 18 percent over past decade; Property tax rates rose to 2.96 percent

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

The median sale price in the area was $187,134 in 2014, but climbed to $228,229 in 2015 -- a difference of 18 percent. At the same time, the median Effective Tax Rate (ETR) rose from 2.83 percent in 2014 to 2.96 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 Willoughby Hills, a $200,000 home would have a bill of $5,920 based on the area's median ETR. Parts of Willoughby Hills have an ETR between 2.07 and 3.90 percent.

The area's projected median sale price for 2016 is $187,147, at which time a homeowner will have paid an estimated $24,077 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 Willoughby Hills. 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

31R11000

$286,340

$8,098 (2.83% ETR)

$499,378, up 43%

$13,416 (2.69% ETR)

31R24000

$111,940

$3,813 (3.41% ETR)

$116,101, up 4%

$4,527 (3.90% ETR)

31R05000

$72,100

$3,272 (4.54% ETR)

$188,902, up 62%

$4,347 (2.30% ETR)

31R12000

$259,318

$10,014 (3.86% ETR)

$309,000, up 16%

$9,966 (3.23% ETR)

31R17000

$283,250

$5,982 (2.11% ETR)

$156,688, down 45%

$4,675 (2.98% ETR)

31R01000

$191,013

$6,254 (3.27% ETR)

$193,099, up 1%

$5,961 (3.09% ETR)

31R08000

$189,690

$5,157 (2.72% ETR)

$211,871, up 10%

$5,683 (2.68% ETR)

31C02000

$144,200

$3,606 (2.50% ETR)

$189,520, up 24%

$3,914 (2.07% ETR)

31R15000

$413,030

$11,545 (2.80% ETR)

$383,417, down 7%

$10,877 (2.84% ETR)

31C01000

$193,353

$5,172 (2.67% ETR)

$143,032, down 26%

$5,267 (3.68% ETR)

31R02000

$218,065

$6,947 (3.19% ETR)

$262,650, up 17%

$8,002 (3.05% ETR)

31R03000

$208,687

$4,964 (2.38% ETR)

$193,132, down 7%

$5,617 (2.91% ETR)

31R04000

$242,050

$3,734 (1.54% ETR)

$112,527, down 54%

$3,104 (2.76% ETR)

31R22000

$432,600

$11,112 (2.57% ETR)

$563,410, up 23%

$16,863 (2.99% ETR)

31R07000

$158,683

$4,965 (3.13% ETR)

$168,405, up 6%

$4,792 (2.85% ETR)

31R06000

$120,950

$3,344 (2.76% ETR)

$207,000, up 42%

$6,159 (2.98% ETR)

31R10000

$94,708

$3,882 (4.10% ETR)

$229,690, up 59%

$7,149 (3.11% ETR)

Analysis: Willoughby Hills home prices up 18 percent over past decade; Property tax rates rose to 2.96 percent

Analysis: Willoughby Hills home prices up 18 percent over past decade; Property tax rates rose to 2.96 percent

Analysis: Willoughby Hills home prices up 18 percent over past decade; Property tax rates rose to 2.96 percent

by Local Labs News Service published Nov. 16, 2017

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