New Information: Impact to Home Prices from an Exceptional School District
Comparison between the Meadows (Lisle 202 Schools) and a highly similar and nearby Woordridge neighborhood shows that that an average home in the Meadows has $50,000 more in market value and pays $618 less in property taxes for schools than a comparable home in Woodbridge.
The only difference is the Lisle 202 schools!
We took all the recent sales from the Meadows (Lisle 202 Schools) and compared them to a highly similar, walking distance neighborhood in Woodridge. The Woodridge Neighborhood was off of Woodridge Drive and they have District 68/99 schools. There were ~ 50 homes sold in both of those neighborhoods in the past year. These homes were comparable in style, age and size. many were even the exact same model of home.
The ONLY real difference between these two neighborhoods is the School District.
The difference was quite stark - $50,000 greater market value for the homes that sold from the Meadows. A clear example of what it means for the value of your home with an exemplary school district.
For that home in the Meadows, if the Education Reduction Referendum passes then that home would receive ~ $200 per year in property tax relief. However, if the schools get damaged and that home would loses $10,000 in market value (JUST 20% of the current difference) than that home in Meadows would need 50 YEARS of property tax relief to break even against that drop in market value.
When you know the Facts the Answer is Easy: Vote NO!
Don't for a second think that if my market value decreases at least my taxes will go down!
As we all should know the tax rate is a function of the assessed value. As the market value decreases the tax rate increases.
The comparison between the Meadows and Woodridge is a perfect example of if you have lower market value then you will have higher taxes and tax rates!
Woodridge tax rate is 6.5% per $100 of assessed value while the rate for the Meadows (Lisle 202) is 5%. That average home in the Meadows will pay ~$618 less in taxes for schools than that average home in Woodridge.
Save Lisle 202!
Save your home value!
Do the right thing and protect our kids!
This decision should be EASY - VOTE NO!!
Impact to Home Prices: A Healthy School District is Critical to Support Property Values
Four of the main reasons why the quality of school districts is something that you need to keep in mind when you buy your next home..
1) A Good School District = A Good Neighborhood
2) A Good School District = Home Value Stability
3) A Good School District = Higher Selling Price
4) A Good School District = The Best Education for Kids (6)
Buyers are willing to pay more for a home in a good school district. (1)
“Funding schools” causes housing prices in the district to rise about 6%. This effect persists for at least a decade. (2)
91% of respondents include schools in their decision-making process for choosing a home. Even if they don’t have children or plan on having them. (1)
As common sense suggests - and academic research confirms - money matters for educational outcomes. (3)
Beyond sacrificing things in their home purchase, buyers were willing to pay more money for a home in a good school district. (4)
There is a significant positive relationship between local tax rates and property values. (5)
Our country’s future depends heavily on the quality of its schools. Increasing financial support can help K-12 schools implement proven reforms such as hiring and retaining excellent teachers, reducing class sizes, and expanding the availability of high-quality early education. (3)