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Analysis: Hanover Park pays property taxes two times national average

Real Estate

By LGIS Newsfeed | Aug 26, 2018

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This open floor plan home, 3950 Island Circle in Hanover Park, has a property tax bill of more than $5,800. | Zillow.com

Property owners in Hanover Park paid nearly 2.5 percent of the value of their homes in taxes last year. That’s more than two times the national average, according to an LGIS analysis of real estate sales data in NW Cook County from Jan 1. to June 30.

Local Government Information Service (LGIS) publishes North Cook News.

Hanover Park, population 800, recorded a median sale price of $200,000, based on data from the 121 properties sold during the first half of 2018. In 2017, homeowners paid a median property tax bill of $4,932, according to county tax data from the Cook County Assessor’s Office.

That’s 2.47 percent of the community’s median home value. In the U.S., the average effective property tax rate is 1.19 percent.

Put another way: a $200,000 home in Indiana, where the effective rate is 0.89 percent, would have a property tax bill of about $1,780, or more than $3,100 less per year.

The analysis, including 23 NW Cook County communities, shows homeowners in Barrington Hills and Bartlett pay the highest property taxes in the county, each clocking in with effective rates higher than 3 percent.

Buffalo Grove, Inverness, Rolling Meadows, South Barrington, Streamwood, Prospect Heights, and Elgin all have rates of 2.5 percent or higher.

Illinois homeowners pay the second-highest property taxes in the country with an effective median rate of 2.32 percent, just behind those in New Jersey's (2.28 percent).

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Top Property Rates in NW Cook County

The following table ranks NW Cook County communities by their median effective property tax rate, calculated using sales and property tax data from 2018.

           City

  Jan - June

  2018 Sales  

  Jan - June 2018  

    Median Price

  Median tax

   Effective

   tax rate

Barrington Hills  

13

$520,000.00

$19,103

3.67%          

Bartlett

166

$228,500.00

$7,063

3.09%

Buffalo Grove

159

$200,000.00

$5,431

2.72%

Inverness

59

$510,000.00

$13,665

2.68%

Rolling Meadows

206

$198,750.00

$5,260

2.65%

South Barrington

28

$650,000.00

$16,682

2.57%

Streamwood

383

$190,000.00

$4,793

2.52%

Prospect Heights      

96

$241,250.00

$6,077

2.52%

Elgin

172

$174,500.00

$4,355

2.50%

Hanover Park

121

$200,000.00

$4,932

2.47%

Schaumburg

662

$190,000.00

$4,638

2.44%

Hoffman Estates

399

$250,000.00

$6,077

2.43%

Mount Prospect

367

$285,000.00

$6,768

2.37%

Palatine

681

$255,000.00

$5,802

2.28%

Roselle

33

$228,500.00

$5,187

2.27%

Arlington Heights

662

$320,000.00

$7,192

2.25%

Elk Grove Village

324

$240,000.00

$5,324

2.22%

Wheeling

245

$200,000.00

$4,333

2.17%

Barrington

60

$372,750.00

$7,995

2.14%

Park Ridge

322

$387,500.00

$8,189

2.11%

Des Plaines

557

$215,500.00

$4,483

2.08%

Niles

209

$275,000.00

$5,118

1.86%

Rosemont

16

$364,500.00

$5,696

1.56%

Source: BlockShopper.com; Cook County Assessor’s Office

Median Sales Prices in NW Cook County

The following table ranks NW Cook County cities by the year-over-year change in median sale price, which is calculated using prices of properties sold during the first six months of 2018.

        City      

 Jan - June 2017 Sales

Jan - June 2017 Median

     Price

Jan - June  2018 Sales

Jan - June 2018 Median

      Price

Change

Palatine              

685

$225,000

681

$255,000

13.33%

Wheeling

268

$176,750

245

$200,000

13.15%

Roselle      

34

$204,500

33

$228,500

11.74%

Rosemont

10

$334,500

16

$364,500

8.97%

Hanover Park

148

$183,750

121

$200,000

8.84%

Des Plaines

599

$200,000

557

$215,500

7.75%

Elgin

208

$162,500

172

$174,500

7.38%

Arlington Heights        

721

$300,000

662

$320,000

6.67%

South Barrington    

37

$615,000

28

$650,000

5.69%

Streamwood

384

$183,000

383

$190,000

3.83%

Niles        

213

$268,000

209

$275,000

2.61%

Hoffman Estates

374

$244,000

399

$250,000

2.46%

Elk Grove Village

243

$238,000

324

$240,000

0.84%

Schaumburg

709

$190,000

662

$190,000

0.00%

Mount Prospect

374

$285,000

367

$285,000

0.00%

Bartlett

152

$232,750

166

$228,500

-1.83%

Rolling Meadows

191

$205,000

206

$198,750

-3.05%

Park Ridge

333

$400,000

322

$387,500

-3.13%

Prospect Heights

107

$250,000

96

$241,250

-3.50%

Buffalo Grove

169

$211,000

159

$200,000

-5.21%

Barrington

74

$417,500

60

$372,750

-10.72%

Inverness

64

$578,000

59

$510,000

-11.76%

Barrington Hills

12

$727,500

13

$520,000

-28.52%

Sources: Blockshopper.com; Cook County Recorder of Deeds

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