Addison Real Estate Market Conditions – November 2019

Share, follow or like us:
Facebook
Twitter
Pinterest

Addison Real Estate Market Update

The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home inventory decreased 10% in November while condo and townhome inventory increased more than 11%.

Addison Home Sales

Single family home sales in Addison decreased 40% in November. 21 single family homes closed this year compared to last year at the same time when there were 35 closings. Condo and townhome sales increased more than 83% with 11 closings this year compared to 6 closings last year the same time.

Addison Real Estate Market Conditions - November 2019

Addison Market Times

Addison market times increased for single family homes during November. Single family homes were on the market for an average of 125 days, compared to 57 days last year at the same time, a 119.3% increase. Condo/townhome market times decreased 22.4%. This year the average market time was 38 days compared to 49 days last year.

Addison New Listings

During November 2019, 24 single family homes were listed for sale in Addison, that’s the exact same amount of new listings last year at the same time. New condos/townhomes had 8 new listings this November compared to the 14 new listings last year.at the same time, a decrease of 42.9%.

Addison Real Estate Market Conditions - November 2019

Months Supply

Addison single family home inventory is still super, super low and this month it decreased again. November ended with 3.6 months of supply, a 10% decrease from last year at the same time when there was a 4 month supply. The months supply of condos/townhomes saw an 11.1% increase from last November with 3 months supply for sale this year compared to 2.7 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - November 2019

Addison Homes For Sale

At the end of November there were 92 single family homes for sale in Addison, a 6.1% decrease from last year when there were 98 homes for sale. The number of condos and townhomes for sale increased with 27 for sale this year, a 3.8% increase from last year when there were 26 for sale.

Addison Real Estate Market Conditions - November 2019

#AddisonRealEstateMarket

 

Elmhurst Real Estate Market Conditions – November 2019

Share, follow or like us:
Facebook
Twitter
Pinterest

Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home inventory had 4.9 months of supply at the end of November, The supply of condos and townhomes decreased  more than 40% with 3.5 months supply.

Elmhurst Market Times

Single family home market times increased in November. Homes were on the market for an average of 106 days compared to 93 days last year at the same time, a 14% increase. The average time a condo/townhome stayed on the market was 69 days compared to last year when it was 39 days, an increase of 76.9%.

Elmhurst Real Estate Market Conditions - November 2019

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 4.9 month supply at the end of November, the same amount as last year at this time. The supply of condos and townhomes decreased 40.7% in November with 3.5 months supply this year compared to last year when the months supply was 5.9.

Elmhurst Real Estate Market Conditions - November 2019

Elmhurst Homes For Sale

At the end of November there were 235 single family homes for sale in Elmhurst, a decrease of 0.4% from last year when there were 236 homes for sale. The number of condos and townhomes for sale decreased 30% in November with 35 for sale this year compared to last year when there were 50 for sale.

Elmhurst Real Estate Market Conditions - November 2019

Elmhurst New Listings

November single family home new listings increased with 64 new listings compared to 55 last year at the same time, a 16.4% increase. Condo and townhome new listings increased 11.1% with 10 new listings this year compared to 9 last year at the same time.

Elmhurst Real Estate Market Conditions - November 2019

Elmhurst Real Estate Closings

The number of single family home closed sales decreased with 41 closings this November compared to 50 last year, an 18% decrease. Condo and townhome closings decreased 35.7% with 9 closings, compared to the same time last year when there were 14 closings.

Elmhurst Real Estate Market Conditions - November 2019

#ElmhurstRealEstate

 

Understanding your Buffalo Grove Property Tax Bill

Share, follow or like us:
Facebook
Twitter
Pinterest

Property taxes are a contentious topic in Illinois and they are pretty complicated to understand, and even more difficult to explain. What follows are the results of the research I performed by chatting with the Tax Assessors representing Vernon Township and Wheeling Township in Buffalo Grove and the Lake County Treasurer with the hope of providing some clarity.

Buffalo Grove is split between Lake and Cook counties, each taxing residents differently. The Lake County portion of Buffalo Grove is in Vernon Township which has 12 different tax rates ranging from 8.119465 to 9.972825.  The three major tax groups are for District 96 – Kildeer Countryside School District, District 102 – Aptakisic Tripp School District and District 103 – Lincolnshire-Prairie View School District, with multiple sub groups for each different school district.

The portion of Buffalo Grove that is located in Cook County, Illinois is in Wheeling Township and District 214, which flows into Buffalo Grove High School.  There are 3 tax rates for Cook County Buffalo Grove residents from 11% to 12%.

To help understand how property taxes are calculated, I am including some examples below for the most common tax rates, with some descriptions of the key terms – all examples are for homes with fair market value of $400,000:

Lake County – the tax bill comes out in late April / early May and is payable 50% on June 1st and 50% on September 1st. If you pay your taxes through escrow via your mortgage payment, your lender pays the taxes for you.

Full Fair Cash value – as determined by the Lake County Assessor which is based on sales transactions over the most recent 3 year period. This is typically published in the August – September timeframe and this is what is often grounds for appeal based on an incorrect value.

Assessed value – equals 1/3 of the full fair cash value.

Exemptions – the state of Illinois offers various exemptions to home owners – the most common is the General Homestead exemption which you can deduct for your primary residence. In Lake County, it is $6,000. There are also exemptions available for Seniors, Disabled and Veterans.

Example – Buffalo Grove – Lake County – Vernon Township – D96 – Kildeer Countryside School District

Full Fair Cash Value                                  $400,000

Total Assessed Value (1/3)                        $133,333

General Homestead Exemption                    $6,000

Taxable Valuation                                      $127,333

Tax Rate                                                 9.386768%

Real Estate Tax                                      $11,952.48

District                  Taxable Valuation        Tax Rate             Tax Bill

D96                       $127,333                       9.386768            $11,952.48
D102                     $127,333                       9.222720            $11,743.57
D103                     $127,333                       8.601049            $10,951.97

Cook County – Property tax bills are mailed twice a year. The first installment is due at the beginning of March. By law, the First-Installment Property Tax Bill is exactly 55% percent of the previous year’s total tax amount. The Second-Installment Property Tax Bill is mailed and due in late summer; it reflects new tax rates, levies, assessments and any dollars saved by exemptions for which you have qualified and applied.

Example – Buffalo Grove – Cook County – Wheeling Township – Township High School District 214

Estimated Market Value                            $400,000 as determined by the Cook County Assessor

Assessment level                                              10%

Proposed Assessed Valuation                    $40,000

State Equalizer                                            2.9627

Equalized Assessed Value                         $118,508

Homeowners Exemption                            $10,000

Adjusted Equalized Assessed Value          $108,508

Tax Rate                                                   11.41%

Estimated Tax Bill                                   $12,380.76

So, in the Village of Buffalo Grove, there are 15 different tax rates. For reference, Cook County is higher than the three Lake County jurisdictions.

If you need any assistance with homes outside of Buffalo Grove, feel free to reach out to me or go to the Cook County or Lake County Assessor websites.

 

Appealing DuPage County property taxes

Share, follow or like us:
Facebook
Twitter
Pinterest
tax

Did you fall out of your chair when you received your property tax bill? Do you think your assessor is wrong? Did you know you CAN do something about it?

In Illinois, property taxes are based on the market value of your home. Assessed values are required by law to be based upon the three prior years of actual sales transactions within the jurisdiction. For example, the 2013 assessed value was based upon sales occurring during the 2010, 2011 and 2012 calendar years.

Property taxes collected are used locally to fund and support community services such as fire protection, schools, park districts and construction, among others. We all want to contribute our fair share to keep these services, but what if you think they’ve over-assessed your property value?

If you want to appeal your DuPage County property taxes, you should start with your local Township Assessor’s office. They will review your information and files and provide you their results. If you still feel you’re tax bill isn’t accurate, you can file an appeal with the DuPage County Board of Review. You will need to provide evidence to support your claim, which should include three (3) or more comparable properties, preferably from the same neighborhood.

Once your appeal has been filed, you will have a hearing with the Assessor and County Board of Review. You may be asked questions about your property, as will the assessor. Once the hearing is concluded, the board will make its decision which will be mailed to the property owner after all Board of Review action is completed for the tax year. If you still think the assessment is inaccurate, you can appeal to the Illinois Property Tax Appeal Board or the Appellate/Circuit Court.

To prepare for your appeal, you should:

  • Have a recent appraisal, recent sale of property or recent sales of comparable properties
  • Review your property characteristics at the assessor’s office before filing an appeal
  • Understand that Fair Market Value is not the highest or lowest selling price of a property but the most probable selling price
  • When comparing properties in your area, use only similar properties (i.e. same design, same size, etc.)

Are you interested in how your township compares to others? You can view DuPage County property tax rates for all the individual townships here.