The condo located at 4936 N. Lincoln Ave. in Lincoln Square, currently offered for $429,900, had a property tax bill of $7,390 in 2016. | zillow.com
The condo located at 4936 N. Lincoln Ave. in Lincoln Square, currently offered for $429,900, had a property tax bill of $7,390 in 2016. | zillow.com
Property owners in Lincoln Square paid nearly 1.88% percent of the value of their homes in taxes last year. That’s more than 1.58imes the national average, according to an LGIS analysis of real estate sales data in Chicago’s South Side from Jan 1. to June 30.
Local Government Information Service (LGIS) publishes Chicago City Wire.
Lincoln Square, population 40,761, recorded a median sale price of $438,000 based on data from the 50 properties sold during the first half of 2018. In 2017, homeowners paid a median property tax bill of $8,223, according to county tax data from the Cook County Assessor’s Office.
That’s 1.88 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 $438,000 home in Indiana, where the effective rate is 0.89 percent, would have a property tax bill of about $400, or nearly $4,300 less per year.
The analysis, including 21 Chicago North Side communities, shows homeowners in Ravenswood, Wrigleyville, Lincoln Square, Andersonville, West Rogers Park, and Lincoln Park pay the highest property taxes in the region, each clocking in with effective rates of 1.7 to 2 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's (2.28 percent).
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Top Property Rates in Chicago’s North Side
The following table ranks Chicago’s North Side communities by their median effective property tax rate, calculated using sales and property tax data from 2018.
Neighborhood | Jan - June 2018 Sales | Jan - June 2018 Median Price | Median tax | Effective Tax Rate |
Ravenswood | 243 | $359,000 | $7,181 | 2.00% |
Wrigleyville | 208 | $440,000 | $8,661 | 1.97% |
Lincoln Square | 50 | $438,000 | $8,224 | 1.88% |
Andersonville | 125 | $425,000 | $7,966 | 1.87% |
West Rogers Park | 402 | $233,250 | $4,181 | 1.79% |
Lincoln Park | 1,124 | $456,000 | $7,769 | 1.70% |
Roscoe Village | 149 | $593,500 | $9,554 | 1.61% |
North Center | 190 | $598,500 | $9,534 | 1.59% |
Lakeview | 993 | $429,500 | $6,707 | 1.56% |
Gold Coast | 574 | $390,000 | $5,644 | 1.45% |
Near North | 267 | $322,500 | $4,539 | 1.41% |
River North | 221 | $410,000 | $5,703 | 1.39% |
Old Town | 185 | $340,000 | $4,623 | 1.36% |
Uptown | 369 | $235,000 | $3,180 | 1.35% |
Goose Island | 71 | $450,000 | $6,039 | 1.34% |
Edgewater | 511 | $192,000 | $2,556 | 1.33% |
Boystown | 281 | $267,000 | $3,282 | 1.23% |
Buena Park | 176 | $236,500 | $2,778 | 1.17% |
Rogers Park | 310 | $195,000 | $2,284 | 1.17% |
Streeterville | 95 | $412,500 | $4,778 | 1.16% |
The Loop | 369 | $190,000 | $1,104 | 0.58% |
Source: BlockShopper.com; Cook County Assessor’s Office
Median Sales Prices in Chicago’s North Side
The following table ranks Chicago’s North Side 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.
Neighborhood | Jan - June 2017 Sales | Jan - June 2017 Median Price | Jan - June 2018 Sales | Jan - June 2018 Median Price | Change |
Boystown | 452 | $239,500 | 281 | $267,000 | 11.48% |
Rogers Park | 337 | $177,000 | 310 | $195,000 | 10.17% |
Gold Coast | 564 | $356,000 | 574 | $390,000 | 9.55% |
West Rogers Park | 469 | $220,000 | 402 | $233,250 | 6.02% |
River North | 231 | $390,000 | 221 | $410,000 | 5.13% |
Goose Island | 82 | $431,250 | 71 | $450,000 | 4.35% |
Ravenswood | 318 | $349,000 | 243 | $359,000 | 2.87% |
Buena Park | 175 | $230,500 | 176 | $236,500 | 2.60% |
Andersonville | 123 | $429,000 | 125 | $425,000 | -0.93% |
Roscoe Village | 141 | $600,000 | 149 | $593,500 | -1.08% |
Lakeview | 1,005 | $435,000 | 993 | $429,500 | -1.26% |
Uptown | 308 | $248,500 | 369 | $235,000 | -5.43% |
Old Town | 179 | $361,000 | 185 | $340,000 | -5.82% |
Streeterville | 93 | $440,000 | 95 | $412,500 | -6.25% |
Near North | 273 | $350,000 | 267 | $322,500 | -7.86% |
Lincoln Square | 40 | $490,000 | 50 | $438,000 | -10.61% |
Edgewater | 429 | $215,000 | 511 | $192,000 | -10.70% |
North Center | 218 | $672,500 | 190 | $598,500 | -11.00% |
Wrigleyville | 183 | $500,000 | 208 | $440,000 | -12.00% |
Lincoln Park | 974 | $520,000 | 1,124 | $456,000 | -12.31% |
The Loop | 121 | $365,000 | 369 | $190,000 | -47.95% |
Sources: Blockshopper.com; Cook County Recorder of Deeds