NW Cook 2018 Property Tax Report: Barrington Hills, Bartlett, Buffalo Grove, Inverness pay top effective rates
Funeral director Marcus Jaeger and his wife, Leeandra sold their 4,400-square-foot, four-bedroom, five-bath home a few steps from Bartlett Hills Golf Club for $502,000 in January.
They bought the home in 2006 for $740,000, or $925,000 in today’s dollars.
The Jaegers’ tax bill at 444 Timber Ridge Drive rose from $11,986 in 2006, or 1.6 percent of their home’s then-value, to as high as $17,737 in 2015 before falling slightly to $16,457 last year. All told, they paid about $205,000 in property taxes over a dozen years of Bartlett home ownership, or 41 percent of their sale price.
Put another way, while the Jaegers’ home value was cut in half, their property taxes effectively doubled to an effective rate of 3.3 percent, more than twice what they were when they first bought.
Median home values in the Cook County portion of Bartlett, which also extends south into DuPage County, fell 1.9 percent during the first six months of 2018, from $232,750 to $228,500, per an analysis of BlockShopper.com sales data by Local Government Information Services (LGIS), which publishes North Cook News.
Bartlett's effective property tax rate -- 3.09 percent, or $7,065 on a median-priced home -- also ranks among the highest in Northwest Cook County. Only Barrington Hills (3.67 percent) is higher.
The LGIS analysis showed that home prices also fell over the six-month period on typical sales volume in Barrington (-10.7 percent), Park Ridge (-3.3 percent), Buffalo Grove (-5.2 percent), Inverness (-11.8 percent), Rolling Meadows (-3.1 percent) and Prospect Heights (-3.5 percent).
They rose in Palatine, Wheeling, Roselle, Rosemont, Hanover Park, Des Plaines, Arlington Heights, South Barrington and Streamwood.
Prices were largely flat in Niles, Hoffman Estates, Elk Grove Village, Schaumburg and Mount Prospect.
In Northwest Cook County's most exclusive enclaves, the most elite homes for sale continue to underperform.
Retired Tellabs executive Brian Jackman and his wife, Mary Carroll, paid $2.8 million in Jan. 2001— $3.99 million in 2018 dollars— for a seven-bedroom, seven-bath, 7,600-square-foot Barrington Hills estate on more than 12 acres.
On July 17, the Jackmans sold their home at 284 Donlea Road for $1.9 million
Over 17 years of ownership, they lost more than $2 million on it, adjusted for inflation.
The Jackmans also paid $608,109 in property taxes. Their tax bill more than doubled, from $17,710 when they bought the home to $37,644 last year.
In Inverness, Scott C. Levin paid $3.1 million -- $3.6 million in today's dollars -- for 225 Knox Court in Aug. 2008.
He is currently listing the home for sale for $2.649 million, or nearly $1 million less than he paid for it 10 years ago.
One consolation: Levin's property tax bill has fallen from a high of $52,207 to $26,825 last year. But he has still paid $410,286 in property taxes during his ownership of the home.
Top Property Rates in NW Cook County
Which northwest Cook County communities pay the highest property tax rates?
|Median Tax||Effective Rate|
|Elk Grove Village||$5,324||2.22%|
Source: BlockShopper.com; Cook County Treasurer
Median Sales Prices in NW Cook County
Which northwest Cook County communities have seen the greatest increase in median sale price this year?
|Elk Grove Village||$238,000||$240,000||0.84%|
Sources: Blockshopper.com; Cook County Recorder of Deeds; Data tracks first six months of sales in Cook County portions of each community, Jan 1, 2018 - June 30, 2018.