5033 W. Chicago Ave. in Central Austin, on Chicago's West Side, sold for $30,000 on April 3. The Cook County Assessor has it valued at $134,280 | Zillow.com
5033 W. Chicago Ave. in Central Austin, on Chicago's West Side, sold for $30,000 on April 3. The Cook County Assessor has it valued at $134,280 | Zillow.com
In sixteen square blocks of Chicago’s West Side Austin neighborhood, between Cicero Ave. on the east and Laramie Ave. on the west, Chicago Ave. on the north and the Green Line El tracks on the south, there have been exactly seven home sales in the past six months.
Their average sale price: $43,086.
The Cook County Assessor’s average market value of those homes: $121,333, or 182 percent more than the market actually did bear.
Last week, Chicago City Wire reported on a Local Government Information Services (LGIS) analysis of the beleaguered real estate market on Chicago’s South and Southwest Sides, home to 41 percent of the city’s residential properties.
Median values fell hard over the past decade in every South Side neighborhood. At the same time, property taxes actually rose, LGIS found, as the county's official valuations of many properties were never adjusted to lower market levels.
Chicago’s West Side is smaller-- home to 12 percent of the city’s homes-- but similar. Its real estate story has been sometimes better and sometimes worse, but mostly the same.
Your home- overvalued by 792 percent
In that corner of east central Austin, a white three-bedroom with a front porch and a large backyard at 5033 W. Chicago Ave. sold for $30,000 on April 3; its valuation per Cook County: $134,280.
Two blocks away, at 725 N. Laramie Ave., a red brick and white stone ranch with a basement recreation room sold for $45,000 on Mar. 3; Cook County says it is worth $143,820.
The assessor values 730 N. Leclaire Ave., an 836 square-foot, one-bedroom, at $86,510. It sold on Feb. 28 for $9,000.
Just to the south, a yellow five-bedroom at 533 N. Leclaire Ave. sold for $45,000 on Apr. 27; according to Cook County, it is worth $125,150.
The seven Austin home sales reviewed by LGIS, which publishes Chicago City Wire, were overvalued by between 40 and 792 percent. Their collective effective property tax rate: 4.84 percent, or more than five times the national average.
Through his spokesman, Tom Shaer, Cook County Assessor Joe Berrios was not asked about these specific inconsistencies, but said he still stands behind the county's property valuation processes.
Shaer says state law prevents the assessor from using foreclosed properties in calculating median sales prices. But in neighborhoods like Austin, foreclosures are increasingly a major part of the market-- including four of the seven sales analyzed.
In 2016, 180 of the 1,011 sales in Austin were foreclosures, or 18 percent, according to Blockshopper.com.
Editor's Note: Shaer responded further after publication that he believes LGIS' approach is "faulty," adding that the Cook County Assessor's process considers foreclosures in calculating a community's median sales price, but over a three-year sales period.
LGIS stands behind its approach.
Home value down 39 percent, property tax up 63 percent
Of 22 West Side neighborhoods evaluated by LGIS, Austin’s median sale price decline ranked fifth-worst. It fell 68 percent between 2007 and 2015, from $262,890 to just $85,000.
Austin’s median sale price was actually higher 38 years ago, in 1980, when it was $41,600, or about $120,000 in today’s dollars.
In all, 19 West Side neighborhoods saw their home values fall over the 2007 to 2015 period, in inflation-adjusted dollars.
Three saw slight increases-- Bucktown (up two percent), River West (up two percent), and West Town (up two percent)-- all adjacent to The Loop business district.
In West Garfield Park, just to the east of Austin, median home prices fell 88 percent over the period, from $276,606 to just $34,000. Its was the worst neighborhood real estate market decline in the whole city, edging out the South Side’s West Englewood (down 87 percent) and Englewood (down 86 percent).
Lawndale (down 77 percent), East Garfield Park (down 75 percent), Little Village (down 70 percent) and Austin rounded out the bottom five.
Property taxes rose everywhere on the West Side over the 2007 to 2015 period-- including in those neighborhoods where values fell the most.
In West Garfield Park the median property tax bill was $2,037 in 2007. It rose 46 percent, to $2,979, by 2015.
Tax bills rose significantly in Austin (up 39 percent), East Garfield Park (up 32 percent), Lawndale (up 32 percent) and Little Village (up 26 percent), as well.
The mostly-Mexican Heart of Chicago neighborhood, near Cermak Rd. (22nd St.) and Damen Ave., saw the largest property tax increase of all-- 63 percent from $2,446 to $3,980, as its median home values were almost cut in half, falling 39 percent.
Buck up in Bucktown
The West Side’s three most upscale neighborhoods each saw relatively flat home values and soaring property tax bills.
In Bucktown, median home values rose to $527,500 from $518,636 (two percent) while tax bills rose 43 percent, to $8,260 from $5,785.
In Wicker Park and Ukrainian Village, home values fell three and nine percent respectively from 2007 to 2015. Property taxes rose 52 percent and 47 percent over the same timeframe.
The owner of a median-priced, $510,000 home in Wicker Park paid $9,062 in property taxes in 2015. Eight years earlier, that home was worth $525,000 and their tax bill was just $5,961.
Ukrainian Village median property taxes jumped from $5,573 to $8,204 as home values fell from $520,065 to $475,000.
Paying for your home, eleven times over
LGIS projected where home values will be in 2023, if the next eight years are like the last eight.
In West Garfield Park, median home prices are projected to fall to just $4,179; a typical homeowner who bought in 2007 and held will have $47,665 in property taxes for the pleasure, or 1,141 percent of its 2023 value.
LGIS projects median home values in Lawndale ($13,675), East Garfield Park ($17,498), Little Village ($23,143) and Austin ($27,483) will all trend towards zero, with homeowners in each paying more in property taxes than their properties are worth.
The median property owner in Lawndale will pay $46,714 over sixteen years-- or 342 percent of their home’s 2023 value. East Garfield Park homeowners will pay $46,957, or 268 percent.
Central Austin Home Sales, Last 90 Days
LGIS analyzed the last seven home sales in a sixteen square-block area of Central Austin, comparing actual sale prices to the Cook County Assessor's Market Valuation.
| Address | Sale Price | Sale Date | Cook County Assessor Valuation | % Difference | Property Tax Bill |
| 5033 W. Chicago Ave. | $30,000 | 4/3/17 | $134,280 | 347.60% | $2,460 |
| 725 N. Laramie Ave. | $45,000 | 3/3/17 | $143,820 | 219.60% | $2,154 |
| 730 N. LeClaire Ave. | $9,600 | 2/28/17 | $85,610 | 791.77% | $1,088 |
| 5034 W. Huron St. | $103,000 | 3/28/17 | $143,950 | 39.76% | $2,637 |
| 533 N. LeClaire Ave. | $45,000 | 4/27/17 | $125,150 | 178.11% | $2,293 |
| 4857 W. Hubbard St. | $38,000 | 3/2/17 | $87,060 | 129.11% | $1,595* |
| 5042 W. Huron St. | $31,000 | 1/18/17 | $129,460 | 317.61% | $2,372 |
Source: Cook County Assessor, Blockshopper.com
*Homeowner paid zero property taxes in 2015 due to various senior exemptions; this is what their bill would have been if they had an actual bill
Median Sale Price, 2007 to 2015
LGIS analyzed median home sale prices in 22 neighborhoods on Chicago's West Side between 2007 and 2015.
| Neighborhood | 2007 Median Sale Price | 2015 Median Sale Price | % Change |
| West Garfield Park | $276,606 | $34,000 | -88% |
| Lawndale | $265,462 | $60,250 | -77% |
| East Garfield Park | $280,035 | $70,000 | -75% |
| Little Village | $262,890 | $78,000 | -70% |
| Austin | $262,890 | $85,000 | -68% |
| Hermosa | $348,615 | $180,000 | -48% |
| Galewood | $329,184 | $188,000 | -43% |
| Heart of Chicago | $321,183 | $195,000 | -39% |
| Pilsen | $322,326 | $204,500 | -37% |
| University Village / Little Italy | $419,195 | $305,000 | -27% |
| Humboldt Park | $322,326 | $235,000 | -27% |
| Tri-Taylor | $351,473 | $262,000 | -25% |
| West Loop | $375,761 | $306,250 | -18% |
| Near West Side | $396,621 | $349,000 | -12% |
| Logan Square | $365,760 | $322,500 | -12% |
| Irving Park | $377,190 | $342,000 | -9% |
| Ukrainian Village | $520,065 | $475,000 | -9% |
| Noble Square | $448,628 | $435,000 | -3% |
| Wicker Park | $524,637 | $510,000 | -3% |
| Bucktown | $518,636 | $527,500 | 2% |
| River West | $417,195 | $425,250 | 2% |
| West Town | $400,050 | $409,000 | 2% |
Source: Cook County Recorder of Deeds and Blockshopper.com; 2007 median sale prices inflation-adjusted.
Median Property Tax Bill, 2007 to 2015
LGIS analyzed median property tax bills in 22 neighborhoods on Chicago's West Side between 2007 and 2015.
| Neighborhood | 2007 Median Property Tax | 2015 Median Property Tax | % Change |
| Heart of Chicago | $2,446 | $3,980 | 63% |
| Wicker Park | $5,961 | $9,062 | 52% |
| Ukrainian Village | $5,573 | $8,204 | 47% |
| West Garfield Park | $2,037 | $2,979 | 46% |
| Pilsen | $2,877 | $4,203 | 46% |
| West Town | $4,240 | $6,113 | 44% |
| Bucktown | $5,785 | $8,260 | 43% |
| Tri-Taylor | $3,720 | $5,289 | 42% |
| Austin | $1,762 | $2,455 | 39% |
| Noble Square | $5,002 | $6,932 | 39% |
| Lawndale | $2,216 | $2,920 | 32% |
| Logan Square | $3,701 | $4,873 | 32% |
| East Garfield Park | $2,231 | $2,935 | 32% |
| River West | $3,730 | $4,883 | 31% |
| Irving Park | $3,791 | $4,942 | 30% |
| Little Village | $1,993 | $2,509 | 26% |
| Galewood | $2,914 | $3,639 | 25% |
| Hermosa | $3,038 | $3,792 | 25% |
| West Loop | $3,331 | $3,960 | 19% |
| Near West Side | $3,495 | $4,130 | 18% |
| University Village / Little Italy | $3,773 | $4,357 | 16% |
| Humboldt Park | $2,763 | $3,134 | 13% |
Source: Cook County Treasurer and Blockshopper.com
Effective Property Tax Rates, 2007 to 2015
LGIS analyzed effective property tax rates in 22 neighborhoods on Chicago's West Side between 2007 and 2015. The rate is calculated by dividing the median property tax bill by the median home sale price.
| Neighborhood | 2007 Effective Property Tax Rate | 2015 Effective Property Tax Rate | % Change |
| West Garfield Park | 0.84% | 8.76% | 941% |
| Lawndale | 0.95% | 4.85% | 408% |
| East Garfield Park | 0.91% | 4.19% | 360% |
| Little Village | 0.87% | 3.22% | 271% |
| Austin | 0.77% | 2.89% | 277% |
| Hermosa | 1.00% | 2.11% | 112% |
| Pilsen | 1.02% | 2.06% | 101% |
| Heart of Chicago | 0.87% | 2.04% | 134% |
| Tri-Taylor | 1.21% | 2.02% | 67% |
| Galewood | 1.01% | 1.94% | 91% |
| Wicker Park | 1.30% | 1.78% | 37% |
| Ukrainian Village | 1.22% | 1.73% | 41% |
| Noble Square | 1.27% | 1.59% | 25% |
| Bucktown | 1.28% | 1.57% | 23% |
| Logan Square | 1.16% | 1.51% | 31% |
| West Town | 1.21% | 1.49% | 23% |
| Irving Park | 1.15% | 1.44% | 26% |
| University Village / Little Italy | 1.03% | 1.43% | 39% |
| Humboldt Park | 0.98% | 1.33% | 36% |
| West Loop | 1.01% | 1.29% | 28% |
| Near West Side | 1.01% | 1.18% | 17% |
| River West | 1.02% | 1.15% | 12% |
Sources: Cook County Recorder of Deeds, Cook County Treasurer and Blockshopper.com
Projected Median Sale Price, 2023
If the next eight years are like the last eight for real estate, LGIS projected median sale prices in 22 neighborhoods on Chicago's West Side in 2023. How much will the median homeowner have paid in property taxes between 2015 and 2023?
| Neighborhood | 2015 Median Sale Price | 2023 Median Sale Price (Proj.) | Property Taxes Paid 2007 - 2023 | % Paid of 2023 Median |
| West Garfield Park | $34,000 | $4,179 | $47,665 | 1141% |
| Lawndale | $60,250 | $13,675 | $46,714 | 342% |
| East Garfield Park | $70,000 | $17,498 | $46,957 | 268% |
| Little Village | $78,000 | $23,143 | $40,141 | 173% |
| Austin | $85,000 | $27,483 | $39,276 | 143% |
| Hermosa | $180,000 | $92,939 | $60,668 | 65% |
| Pilsen | $204,500 | $129,745 | $67,241 | 52% |
| Heart of Chicago | $195,000 | $118,390 | $63,674 | 54% |
| Tri-Taylor | $262,000 | $195,304 | $84,630 | 43% |
| Galewood | $188,000 | $107,369 | $58,218 | 54% |
| Wicker Park | $510,000 | $495,771 | $144,986 | 29% |
| Ukrainian Village | $475,000 | $433,840 | $131,267 | 30% |
| Noble Square | $435,000 | $421,786 | $110,909 | 26% |
| Bucktown | $527,500 | $536,515 | $132,152 | 25% |
| Logan Square | $322,500 | $284,357 | $77,967 | 27% |
| West Town | $409,000 | $418,150 | $97,803 | 23% |
| Irving Park | $342,000 | $310,093 | $79,068 | 25% |
| University Village / Little Italy | $305,000 | $221,913 | $69,718 | 31% |
| Humboldt Park | $235,000 | $171,333 | $50,147 | 29% |
| West Loop | $306,250 | $249,597 | $63,362 | 25% |
| Near West Side | $349,000 | $307,097 | $66,076 | 22% |
| River West | $425,250 | $433,461 | $78,124 | 18% |
Sources: Cook County Recorder of Deeds, Cook County Treasurer and Blockshopper.com.
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