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Kane County Reporter

Thursday, November 21, 2024

Analysis: Aurora home prices down 13 percent over past decade; Property tax rates fell to 5.09 percent

Throughout Aurora, home prices took a dive between 2010 and 2015, a BlockShopper analysis showed.

The area's median sale price was $155,746 in 2010, but fell to $136,269 in 2015 -- a difference of 13 percent. At the same time, the median Effective Tax Rate (ETR) fell from 5.27 percent in 2010 to 5.09 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 Aurora, a $200,000 home would have a bill of $10,180 based on the area's median ETR. Parts of Aurora have an ETR between 2.71 and 6.89 percent.

The projected median sale price in the area for 2020 is $118,554, at which time a homeowner will have paid an estimated $89,987 in property taxes on the home since 2010.

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.

Below is a table comparing sale prices and property taxes within Aurora. To analyze the data more precisely, BlockShopper broke up suburbs into neighborhoods.

Neighborhood
2010 Sales
2010 Median Price
2010 Median Property Tax
2015 Sales
2015 Median Price
2015 Median Property Tax
South Aurora
221
$48,478
$3,463 (7.14% ETR)
189
$53,018, up 9%
$2,607 (4.92% ETR)
North Aurora West
99
$144,901
$8,210 (5.67% ETR)
130
$188,764, up 23%
$9,115 (4.83% ETR)
North Aurora Central
80
$104,195
$6,317 (6.06% ETR)
101
$124,918, up 17%
$5,372 (4.30% ETR)
North Aurora East
85
$128,581
$6,117 (4.76% ETR)
156
$144,399, up 11%
$6,694 (4.64% ETR)
West Montgomery
10
$68,936
$4,340 (6.30% ETR)
10
$115,654, up 40%
$4,834 (4.18% ETR)
Ward 2 Aurora
224
$39,211
$3,690 (9.41% ETR)
174
$45,386, up 14%
$3,127 (6.89% ETR)
Batavia Southeast
4
$206,584
$6,748 (3.27% ETR)
2
$76,220, down 63%
$3,939 (5.17% ETR)
Marywood
149
$78,425
$4,808 (6.13% ETR)
192
$96,891, up 19%
$4,467 (4.61% ETR)
Ward 1 Aurora
3
$74,170
$3,781 (5.10% ETR)
4
$88,843, up 17%
$3,815 (4.29% ETR)
Eola
181
$132,373
$4,680 (3.54% ETR)
199
$128,583, down 3%
$5,344 (4.16% ETR)
West Aurora
358
$104,998
$5,644 (5.38% ETR)
417
$120,659, up 13%
$5,536 (4.59% ETR)
Scraper-Moecherville
409
$66,213
$3,673 (5.55% ETR)
378
$69,385, up 5%
$3,229 (4.65% ETR)
Northwest Aurora
224
$81,480
$4,060 (4.98% ETR)
255
$80,499, down 1%
$3,884 (4.82% ETR)
Aurora West Central
161
$53,820
$3,454 (6.42% ETR)
153
$60,589, up 11%
$2,983 (4.92% ETR)
Aurora East Central
168
$55,554
$3,477 (6.26% ETR)
124
$49,593, down 11%
$2,777 (5.60% ETR)
Downtown Aurora
23
$42,249
$4,342 (10.28% ETR)
16
$67,320, up 37%
$3,441 (5.11% ETR)
Southwest Aurora
211
$75,946
$4,089 (5.38% ETR)
227
$88,682, up 14%
$3,840 (4.33% ETR)
South Park/Southeast Aurora
240
$42,084
$3,386 (8.05% ETR)
210
$60,008, up 30%
$2,523 (4.20% ETR)
East Montgomery
2
$73,932
$2,368 (3.20% ETR)
2
$64,323, down 13%
$2,508 (3.90% ETR)

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