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Articles for ‘Du Page’

2013 DuPage County Property Tax Rates

Monday, February 2nd, 2015 by Jennifer Williams

Last year we published an article on the property taxes in DuPage County, Illinois. In the table below which is listed in order from towns with the highest tax assessment rate to the lowest, see how your property tax rate compares to other communities in DuPage County. We’ve included tax years 2012 and 2013 and calculated the difference for your convenience.

Interestingly, Villa Park is the only city in DuPage County to decrease their property tax rate, from 7.77% in 2012 to 7.69% in 2013, a resulting decrease of .08. Oak Brook continues to have the lowest property taxes in DuPage at only 3.84%, due in part to the many corporations and the Oak Brook mall.

City 2012 2013 Difference
1 Glendale Heights 11.4035 12.6354 1.2319
2 Hanover Park 10.9595 12.6972 1.7377
3 Bartlett 10.1029 11.8336 1.7307
4 West Chicago 10.0131 11.2942 1.2811
5 Bensenville 9.334 10.094 0.76
6 Carol Stream 9.3051 10.2032 0.8981
7 Aurora 9.2872 10.0029 0.7157
8 Woodridge 9.1027 9.9155 0.8127
9 Bolingbrook 9.012 9.8869 0.8749
10 Wayne 8.6775 10.1954 1.5179
11 Winfield 8.3995 9.3648 0.9653
12 Elk Grove Village 8.2982 8.9105 0.6123
13 Lombard 8.2547 8.9748 0.7201
14 Addison 8.1764 9.0604 0.884
15 Glen Ellyn 7.8773 8.4647 0.5874
16 Villa Park 7.7659 7.6855 -0.0804
17 Lisle 7.6868 8.3032 0.6164
18 Bloomingdale 7.6694 8.5344 0.865
19 Itasca 7.553 8.2639 0.7109
20 Wood Dale 7.4751 8.0992 0.624
21 Roselle 7.4261 8.158 0.7319
22 Warrenville 7.3779 7.9863 0.6084
23 Wheaton 7.358 7.8747 0.5167
24 Elmhurst 6.9301 7.588 0.6579
25 Naperville 6.7945 7.2779 0.4834
26 Darien 6.7155 7.2001 0.4846
27 Westmont 6.6881 7.2014 0.5132
28 Clarendon Hills 6.1747 6.4722 0.2975
29 Downers Grove 5.873 6.3562 0.4832
30 Oak Brook Terrace 5.8489 6.4539 0.605
31 Hinsdale 5.4654 5.7334 0.268
32 Burr Ridge 5.0382 5.3477 0.3095
33 Willowbrook 4.8933 5.1734 0.2801
34 Oak Brook 3.5871 3.8389 0.2518

For more information on how real estate property taxes are determined, visit DuPage County Tax Calculation where you can also learn how to calculate taxes as a percent of purchase price.

Extremely Low Home Inventory Levels in DuPage County Continue In April

Wednesday, May 21st, 2014 by Sari Levy

The inventory of single family homes for sale in DuPage County has decreased more than 38% from April 2013 to April 2014, with condos and townhomes remaining fairly stable with only a 5% decrease. April 2014 had a 3 month supply of single family homes for sale in DuPage County, compared to a 4.8 month supply last year.

Condos and townhomes had a 4.6 month supply compared to a 4.9 month supply in April 2013. Cook County is seeing extremely low inventory levels as well. The inventory of single family homes for sale in Cook County decreased almost 21% since April 2013, while the condo and townhome inventory decreased almost 19%. Cook County had a 3.5 month supply of homes for sale in April 2014, while there was a 4.4 months supply of condos and townhomes. In April 2013, Cook County had 5.4 months supply of condos and townhomes and 4.5 months of single family homes for sale.

These inventory numbers vary city by city, so if you’d like specifics on your area, please let me know. Whether you are interested in selling or planning to buy a home, give us a call to get our perspective and further data.

High Home Demand With Low Inventory Levels In Lombard

Monday, February 17th, 2014 by Sari Levy

Much like Elmhurst and Hinsdale, demand for well priced single family homes in Lombard is high but the inventory is super low. We recently sold an adorable 3 bedroom ranch home in Lombard with an overwhelming response. Within 2 days we had 16 showings and on the second day we had an accepted offer. The number of buyers that are in the market and waiting for more homes to come to market is larger than ever, but there is actually a shortage of properties to buy, indicating we are in a strong seller’s market.

The graph below shows the single family home and detached home inventory levels in Lombard over the last 5 years, courtesy of MRED. The inventory of single family homes for sale in Lombard has been decreasing year after year since a peak of almost a two years supply in 2011.  In sharp contrast, January 2014 ended with only a 3 month supply of single family homes for sale. This is more than a 36% decrease since January 2013 when Lombard had just under a 5 month supply of single family homes available which is down from the year before when there was 7.5 months of inventory.

Lombard MSI chart

 

If you’ve been on the fence about selling your home and are in the Lombard area, now is the perfect time to get it on the market before the competition increases. The time a home stays on the market before it sells is about 3 months.  Those priced above $300,000 tend to take an extra month to sell.  Follow our link if you wish to see recently sold homes in Lombard,

2012 Du Page County Property Tax Rates

Wednesday, December 11th, 2013 by Sari Levy

A few years back, I wrote an article on calculating property taxes in the various communities of Du Page county.  Thanks to the Du Page county clerk, the updated table below reflects property tax rates for Du Page county communities in 2012.  The towns are listed in order from those with the highest to lowest tax rate.  Oak Brook continues to have the lowest property tax rates (and some of the highest home values) in Du Page county.

It is certainly easier to think about property taxes in terms of % of purchase price.  Most townships will review an appeal of taxes with a recent purchase.  However, the appeal typically lasts only a year until the assessor determines the value according to their method.  Take a look at my previous post for the property tax formula in Du Page county.

1. Glendale Heights 11.4035
2. Hanover Park 10.9595
3. Bartlett 10.1029
4. West Chicago 10.0131
5. Bensenville 9.3340
6. Carol Stream 9.3051
7. Aurora 9.2872
8. Woodridge 9.1027
9. Bolingbrook 9.0120
10. Wayne 8.6775
11. Winfield 8.3995
12. Elk Grove Village 8.2982
13. Lombard 8.2547
14. Addison 8.1764
15. Glen Ellyn 7.8773
16. Villa Park 7.7659
17. Lisle 7.6868
18. Bloomingdale 7.6694
19. Itasca 7.5530
20. Wood Dale 7.4751
21. Roselle 7.4261
22. Warrenville 7.3779
23. Wheaton 7.3580
24. Elmhurst 6.9301
25. Naperville 6.7945
26. Darien 6.7155
27. Westmont 6.6881
28. Clarendon Hills 6.1747
29. Downers Grove 5.8730
30. Oak Brook Terrace 5.8489
31. Hinsdale 5.4654
32. Burr Ridge 5.0382
33. Willowbrook 4.8933
34. Oak Brook 3.5871

5 Reasons Why Winter Is The Best Time To Buy A Home In The Chicago Area

Monday, November 18th, 2013 by Sari Levy

5 Reasons Why Winter Is The Best Time To Buy A Home In The Chicago Area

  1. You aren’t fighting with the masses of buyers who start shopping in spring
  2. Less competition means sellers are more eager to hear from you
  3. Less competition means more good-value opportunities to choose from
  4. Less buyers means your real estate broker can invest more time with you. Same goes with your lender.
  5. Most importantly, you’ll deal with sellers who are committed to selling.  Sellers who have listed their property during these periods are serious about selling.

In addition to the reasons above, there are practical reasons as to why shopping in the winter months is valuable.  Seeing properties “the worst time” can tell you a lot about what you can really expect from a property:

  1. Visiting a house during a hard rain can shed light on how the home handles water. Check the basement and yard.
  2. After a fresh snowfall  you’ll discover which homes are losing heat (melted snow) and the ones that are well insulated (snow on roof)
  3. On a windy day you’ll be able to notice drafts, lack of  insulation, and poorly-sealed windows and doors
  4. On a real cold day, you can easily tell how the heating system works in the entire home.

 



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