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Friday, November 22, 2024

Analysis: Wilmette pays property taxes nearly 1.5 times national average

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The home for sale at 240 Linden Ave. in Wilmette had a property tax bill of $17,593 in 2016. | Zillow.com

The home for sale at 240 Linden Ave. in Wilmette had a property tax bill of $17,593 in 2016. | Zillow.com

Property owners in Wilmette paid more than 1.7 percent of the value of their homes in taxes last year. That’s nearly 1.5 times the national average, according to an LGIS analysis of real estate sales data in Cook County’s North Shore from Jan 1. to June 30.

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

Wilmette, population 27,219, recorded a median sale price of $700,000, based on data from the 261 properties sold during the first half of 2018. In 2017, homeowners paid a median property tax bill of $12,132.93, according to county tax data from the Cook County Assessor’s Office.

That’s 1.73 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 $700,000 home in Indiana, where the effective rate is 0.89 percent, would have a property tax bill of about $6,230, or more than $5,900 less per year.

The analysis, including 35 North Shore communities, shows homeowners in Kenilworth, Glencoe, Golf, Northbrook, Winnetka, Northfield, Morton, Grove, Evanston and Lincolnwood pay the highest property taxes in the region, each clocking in with effective rates between 2 and 3 percent.

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 (2.28 percent). 

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Top Property Rates in North Shore

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

CityJan - June 2018 SalesJan - June 2018 Median PriceMedian taxEffective Tax Rate
Kenilworth29$1,020,000.00$26,827.602.63%
Glencoe85$841,000.00$19,639.032.34%
Golf1$700,000.00$16,069.562.30%
Northbrook278$437,500.00$10,001.282.29%
Winnetka128$967,500.00$21,533.502.23%
Northfield46$447,000.00$9,781.102.19%
Morton Grove205$295,000.00$6,406.452.17%
Evanston505$325,000.00$7,033.742.16%
Lincolnwood82$344,000.00$7,325.502.13%
Glenview419$429,000.00$7,985.801.86%
Skokie450$314,250.00$5,790.801.84%
Wilmette261$700,000.00$12,132.931.73%
Source: BlockShopper.com; Cook County Assessor’s Office

Median Sales Prices in North Shore

The following table ranks North Shore 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.

CityJan - June 2017 SalesJan - June 2017 Median PriceJan - June 2018 SalesJan - June 2018 Median PriceChange
Wilmette274$613,750261$700,00014.05%
Glencoe81$749,00085$841,00012.28%
Skokie467$292,000450$314,2507.62%
Winnetka140$900,000128$967,5007.50%
Glenview446$412,750419$429,0003.94%
Morton Grove198$290,000205$295,0001.72%
Northfield49$460,00046$447,000-2.83%
Northbrook356$451,000278$437,500-2.99%
Evanston524$336,750505$325,000-3.49%
Lincolnwood82$365,00082$344,000-5.75%
Kenilworth38$1,110,00029$1,020,000-8.11%
Golf4$870,0001$700,000-19.54%
Sources: Blockshopper.com; Cook County Recorder of Deeds

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