Analysis: Regal Acres home prices up 23 percent over past decade; Property tax rates fell to 2.37 percent

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Home prices took a rose throughout Regal Acres between 2011 and 2015, a BlockShopper analysis showed.

The median sale price in the area was $329,387 in 2011, but climbed to $428,480 in 2015 -- a difference of 23 percent. At the same time, the median Effective Tax Rate (ETR) fell from 3.92 percent in 2011 to 2.37 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 Regal Acres, a $200,000 home would have a bill of $4,740 based on the area's median ETR. Parts of Regal Acres have an ETR between 2.37 and 2.37 percent.

The area's projected median sale price for 2019 is $329,929, at which time a homeowner will have paid an estimated $109,891 in property taxes on the home since 2011.

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

Neighborhood
2011 Sales
2011 Median Price
2011 Median Property Tax
2015 Sales
2015 Median Price
2015 Median Property Tax
South of 9th Street
2
$329,387
$12,906 (3.92% ETR)
1
$428,480, up 23%
$10,161 (2.37% ETR)

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