Analysis: Prospect Heights home prices down 14 percent over past decade; Property tax rates rose to 3.98 percent

Medium re 13

Home prices took a dive throughout Prospect Heights between 2007 and 2015, a BlockShopper analysis showed.

The median sale price in the area was $166,936 in 2007, but fell to $143,504 in 2015 -- a difference of 14 percent. At the same time, the median Effective Tax Rate (ETR) rose from 3.11 percent in 2007 to 3.98 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 Prospect Heights, a $200,000 home would have a bill of $7,960 based on the area's median ETR. Parts of Prospect Heights have an ETR between 2.92 and 6.12 percent.

The area's projected median sale price for 2023 is $123,413, at which time a homeowner will have paid an estimated $100,722 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 Prospect Heights. To analyze the data more precisely, BlockShopper broke up suburbs into neighborhoods.

Neighborhood
2007 Sales
2007 Median Price
2007 Median Property Tax
2015 Sales
2015 Median Price
2015 Median Property Tax
West Prospect Heights
30
$176,941
$7,864 (4.44% ETR)
60
$231,140, up 23%
$9,830 (4.25% ETR)
East Prospect Heights/Palwaukee Plaza
194
$109,401
$2,649 (2.42% ETR)
204
$52,641, down 52%
$1,984 (3.77% ETR)
North Prospect Heights
23
$285,046
$9,693 (3.40% ETR)
39
$300,588, up 5%
$11,395 (3.79% ETR)
Central Prospect Heights
42
$317,363
$10,977 (3.46% ETR)
48
$189,820, down 40%
$11,613 (6.12% ETR)
South Prospect Heights
8
$117,262
$7,982 (6.81% ETR)
19
$203,181, up 42%
$7,586 (3.73% ETR)
Rob Roy Country Club
36
$237,998
$6,315 (2.65% ETR)
99
$184,734, down 22%
$5,387 (2.92% ETR)

Related links

Zip:

BlockShopper