Taxes Skyrocket Real Estate Tax Increases Follow Higher Barrington Housing Prices

By Peterson, Eric | Daily Herald (Arlington Heights, IL), September 27, 2002 | Go to article overview

Taxes Skyrocket Real Estate Tax Increases Follow Higher Barrington Housing Prices


Peterson, Eric, Daily Herald (Arlington Heights, IL)


Byline: Eric Peterson Daily Herald Staff Writer

Barrington's curse, if you can call it that, at tax time is the price of its housing stock. Nothing, it seems, gets in the way of housing prices that continue to escalate no matter the economy.

When Cook County released its 2001 tax rates this week, everyone in the Northwest suburbs was steeled for the effects of the triennial reassessment. In most cases the news was better than expected, as single-digit increases - in some cases, decreases - dominated the average tax bills.

Not in the Barrington area, however, where the average increase in Barrington proper is 12.4 percent; 21.8 percent in Barrington Hills and 23.4 percent in South Barrington.

The price of housing helps explain that. In South Barrington, the median house price went from $613,000 to $747,000. In Barrington Hills, it jumped from $552,000 (in Cook County) to $662,000.

In Barrington proper it rose from $320,000 to $356,000.

In fact, in South Barrington the increase is pushing the average tax bill over $10,000 for the first time. Barrington Hills comes in just under that, at $9,800.

While Barrington Hills is generally thought to be a slightly more expensive community than South Barrington, the most expensive housing there is in McHenry and Lake counties, not Cook, local real estate experts say.

Tax bills for Cook County residents are being mailed this week.

One area Realtor says the triennial reassessment may begin, at least, to equalize the disparity homeowners perceive between Cook and Lake prices.

For years, people on the Lake County side of Barrington have cried foul about low Cook County tax bills and property assessments, said Robbie Epperson, a real estate agent with the Barrington office of Baird & Warner. So this year's triennial reassessment provided a little payback.

"Lake people have always been unhappy that taxes on the Cook side are not as high," Epperson said. "So this goes towards equalizing the counties."

Epperson added that increased property taxes, as well as home values, factor into a homebuyer's decision. In that perspective, it's a double-edged sword. …

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