Analysis: Property taxes rapidly eroding DuPage home values
Eight years later, in Jan. 2015, it was valued at just $182,000.
Homeowner equity in DuPage County is eroding quickly as property taxes soar, driven by surging local government spending and massive municipal debts. Every DuPage County community, including its most-affluent enclaves, saw home values plummet over the past decade.
The best performers were bad. Glen Ellyn, Oakbrook Terrace and Naperville each saw home values fall 19 percent. Wheaton (down 22 percent) and Downers Grove (down 23 percent) counted amont the brighter spots.
In addition to Willowbrook, Bensenville and Glendale Heights (both down 40 percent), Hanover Park (down 39 percent) and Wood Dale and Addison (both down 37 percent) ranked as the worst performers in DuPage County.
The numbers are particularly startling given record-low interest rates and Illinois’ political environment, currently controlled by public employee unions poised to continue increasing government spending and borrowing.
The net result: property taxes are pressured higher and higher, and property values lower and lower.
Hinsdale home prices fell 25 percent from 2007 to 2015. But over the same period, Hinsdale School District 181 raised its local property tax levy by 20 percent, to $65.23 million. It spent $17,217 per student in 2015– up from $12,924 in 2007 ($14,733 inflation-adjusted).
Elmhurst home prices also fell 25 percent. But Elmhurst District 205 kept spending, raising its bill to Elmhurst property taxpayers to a record $111.4 million, up 15 percent over the same period.
How much will DuPage County homeowners take before homeownership here is no longer affordable?
Assuming a decline at the same pace as the past eight years, LGIS analysis projected median home values by DuPage community in 2023.
If trends hold up, a Hinsdale home worth $939,000 in 2007 will be worth $684,988 in 2023. And its homeowner will have paid $242,525 in property taxes for the privilege of having their name on the title for a sixteen year period.
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DUPAGE COUNTY MEDIAN HOME PRICES, 2007 – 2015
Rank | Community | Jan 2007 | Jan 2015 | % CHG1 Willowbrook $348,646 $182,000 -48%
2 Bensenville $322,354 $193,000 -40%
3 Glendale Heights $266,342 $161,000 -40%
4 Hanover Park $264,056 $162,000 -39%
5 Wood Dale $340,644 $214,000 -37%
6 Addison $325,789 $206,000 -37%
7 Itasca $400,085 $261,000 -35%
8 Warrenville $272,058 $178,000 -35%
9 Bloomingdale $380,652 $250,000 -34%
10 Medinah $474,387 $316,000 -33%
11 Westmont $353,218 $237,000 -33%
12 West Chicago $298,349 $201,000 -33%
13 Roselle $326,927 $222,000 -32%
14 Villa Park $306,351 $209,000 -32%
15 Lombard $322,354 $221,000 -31%
16 Carol Stream $313,209 $219,000 -30%
17 Winfield $357,790 $251,000 -30%
18 Darien $397,799 $285,000 -28%
19 Woodridge $314,353 $226,000 -28%
20 Oak Brook $954,489 $688,000 -28%
21 Clarendon Hills $595,555 $432,000 -27%
22 Lisle $352,075 $258,000 -27%
23 Hinsdale $1.073 M $802,000 -25%
24 Elmhurst $484,674 $363,000 -25%
High property taxes?
25 Downers Grove $397,799 $308,000 -23%
26 Wheaton $401,228 $313,000 -22%
27 Oakbrook Terrace $298,006 $240,000 -19%
28 Naperville $451,525 $364,000 -19%
29 Glen Ellyn $437,807 $353,000 -19%
DUPAGE COUNTY 2023 PROJECTED
Rank | Community | 2023 Median Taxes Paid | Taxes Paid 2007-23 | Taxes Paid %All numbers are projected
1 Glendale Heights $111,249 $109,222 98%
2 Hanover Park $113,610 $94,349 83%
3 Bensenville $132,610 $132,089 79%
4 West Chicago $154,793 $120,278 78%
5 Woodridge $185,731 $129,453 70%
6 Carol Stream $175,040 $117,734 67%
7 Addison $148,898 $99,869 67%
8 Lombard $173,195 $106,434 61%
9 Bloomingdale $187,688 $114,400 61%
10 Villa Park $162,989 $98,648 61%
11 Wood Dale $153,678 $92,106 60%
12 Itasca $194,631 $116,510 60%
13 Winfield $201,281 $119,677 59%
14 Warrenville $133,126 $74,902 56%
15 Roselle $172,322 $96,614 56%
16 Lisle $216,117 $115,171 53%
17 Westmont $181,777 $95,558 53%
18 Glen Ellyn $325,350 $162,098 50%
19 Darien $233,405 $112,632 48%
20 Clarendon Hills $358,203 $358,203 48%
21 Wheaton $279,114 $133,714 48%
22 Elmhurst $310,776 $145,200 47%
23 Willowbrook $108,603 $50,086 46%
24 Medinah $240,617 $107,693 45%
25 Naperville $335,433 $142,688 43%
26 Downers Grove $272,598 $105,459 39%
27 Oakbrook Terrace $220,944 $85,248 39%
28 Hinsdale $684,988 $242,525 35%
29 Oak Brook $566,879 $137,600 24%
Sources: Local Government Information Services (LGIS), Zillow.com, Blockshopper.com, Chicago Tribune