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Friday, March 29, 2024

Analysis: River North pays property taxes 1.17 times national average

Rivernorth

The condor located at 440 N. Wabash Ave in North River, currently offered for $408,000, had a 2016 property tax bill of $4,603. | zillow.com

The condor located at 440 N. Wabash Ave in North River, currently offered for $408,000, had a 2016 property tax bill of $4,603. | zillow.com

Property owners in River North paid nearly 1.39% percent of the value of their homes in taxes last year. That’s more than 1.17 times 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.

River North, population 14,485, recorded a median sale price of $410,000 based on data from the 221 properties sold during the first half of 2018. In 2017, homeowners paid a median property tax bill of $5,703, according to county tax data from the Cook County Assessor’s Office.

That’s 1.39 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 $410,000 home in Indiana, where the effective rate is 0.89 percent, would have a property tax bill of about $3,600, or nearly $2,000 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.

NeighborhoodJan - June 2018 SalesJan - June 2018 Median PriceMedian taxEffective Tax Rate
Ravenswood 243$359,000$7,1812.00%
Wrigleyville208$440,000$8,6611.97%
Lincoln Square50$438,000$8,2241.88%
Andersonville 125$425,000$7,9661.87%
West Rogers Park402$233,250$4,1811.79%
Lincoln Park1,124$456,000$7,7691.70%
Roscoe Village 149$593,500$9,5541.61%
North Center 190$598,500$9,5341.59%
Lakeview 993$429,500$6,7071.56%
Gold Coast574$390,000$5,6441.45%
Near North267$322,500$4,5391.41%
River North221$410,000$5,7031.39%
Old Town185$340,000$4,6231.36%
Uptown369$235,000$3,1801.35%
Goose Island71$450,000$6,0391.34%
Edgewater 511$192,000$2,5561.33%
Boystown281$267,000$3,2821.23%
Buena Park176$236,500$2,7781.17%
Rogers Park310$195,000$2,2841.17%
Streeterville95$412,500$4,7781.16%
The Loop369$190,000$1,1040.58%

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.

NeighborhoodJan - June 2017 SalesJan - June 2017 Median PriceJan - June 2018 SalesJan - June 2018 Median PriceChange
Boystown452$239,500281$267,00011.48%
Rogers Park337$177,000310$195,00010.17%
Gold Coast564$356,000574$390,0009.55%
West Rogers Park469$220,000402$233,2506.02%
River North231$390,000221$410,0005.13%
Goose Island82$431,25071$450,0004.35%
Ravenswood 318$349,000243$359,0002.87%
Buena Park175$230,500176$236,5002.60%
Andersonville 123$429,000125$425,000-0.93%
Roscoe Village 141$600,000149$593,500-1.08%
Lakeview 1,005$435,000993$429,500-1.26%
Uptown308$248,500369$235,000-5.43%
Old Town179$361,000185$340,000-5.82%
Streeterville93$440,00095$412,500-6.25%
Near North273$350,000267$322,500-7.86%
Lincoln Square40$490,00050$438,000-10.61%
Edgewater 429$215,000511$192,000-10.70%
North Center 218$672,500190$598,500-11.00%
Wrigleyville183$500,000208$440,000-12.00%
Lincoln Park974$520,0001,124$456,000-12.31%
The Loop121$365,000369$190,000-47.95%

Sources: Blockshopper.com; Cook County Recorder of Deeds

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