Exhibit III-45.
Regional Property Tax Rates
Place
Median Effective
Property Tax Rate
1.98%
2.33%
2.37%
2.31%
2.53%
2.46%
1.93%
DuPage County
Kane County
McHenry County
Will County
Kendall County
Lake County
Illinois
Source: Tax Foundation, "Property Taxes on Owner-Occupied
Housing as Percentage of Median Home Value, by State, Calendar
Year 2010."
In Exhibit III-46, below, four selected communities are contrasted to evaluate effective
property-tax rate growth; note that communities with a generally lower median sales
price and presence of minority populations have higher taxing rates and higher
population growth.
Exhibit III-46.
Effective Property Tax Rate
Select Communities
Fox Lake
Buffalo Grove
Lake Forest
Waukegan
2010
2011
Difference
3.27%
3.01%
1.64%
5.15%
3.99%
3.27%
1.75%
6.48%
22.0%
8.6%
6.7%
25.8%
Median
Sales Price
$80,000
$219,000
$671,500
$52,873
Source: The Chicago Civic Federation, “Estimated Effective Property Tax Rates 2002–2011:
Selected Municipalities in Northeastern Illinois.”
The map on the following page illustrates the effective property tax rates of known
taxing district in the County. The higher taxing districts correlate to areas with higher
concentrations of minority populations.
62
APPLIED REAL ESTATE ANALYSIS, INC.
LAKE COUNTY, ILLINOIS