Edgewater — True Cost of Ownership
Elgin, Kane County, Illinois · Based on $310,000 purchase price
Annual Cost Breakdown
| Cost Category | Monthly | Annual | Notes |
|---|---|---|---|
| HOA Fee | $175 | $2,100 | Common areas, pool, fitness center, lake maintenance |
| Property Tax (Kane Co. ~2.4%) | $620 | $7,440 | On $310K home; before senior exemptions |
| Homeowners Insurance | $165 | $1,980 | Standard estimate; prairie-style detailing may add marginally |
| Utilities (water, electric, gas) | $255 | $3,060 | Kane County average; winter heating adds $60–$90/mo |
| Maintenance Reserve | $145 | $1,740 | Early 2000s construction; HVAC replacement cycle likely approaching |
| Total Estimated Annual Cost | $1,360 | $16,320 | Before IL income tax advantage and senior exemptions |
HOA at Edgewater vs. Comparables
At $175/month, Edgewater's HOA is among the lowest for Kane County communities of its size. Lincoln Prairie by Del Webb (Aurora, active build) runs approximately $225/month. Regency at Bowes Creek (Elgin, Toll Brothers) runs approximately $250/month. The difference — $50–$75/month — is meaningful over a 10-year period ($6,000–$9,000) and worth weighing against what each HOA includes. At Edgewater, the $175 covers the inland lake maintenance and perimeter path system, which would otherwise be a premium-tier amenity.
Kane County Tax Mechanics
Kane County assesses at 33.33% of market value. On a $310,000 home, the assessed value is approximately $103,333. After equalization and any exemptions, the tax rate is applied to the EAV. At an effective rate of 2.4% (mid-range for Elgin), the annual bill is approximately $7,440. Elgin township rates vary; some parcels run closer to 2.2%, others to 2.6%.
The Senior Citizens Assessment Freeze freezes EAV for Kane County homeowners 65+ with income under $65,000. Re-application is required annually by the Kane County Assessment Office's spring deadline. Homeowners who miss the deadline lose the freeze for that tax year. The General Homestead Exemption reduces EAV by approximately $6,000, saving about $144/year at a 2.4% rate.
Illinois Income Tax Advantage
Illinois taxes zero retirement income at the state level. Social Security, pension, IRA, and 401(k) distributions are fully exempt. At Illinois's flat rate of 4.95%, a household receiving $70,000/year in retirement income saves $3,465 annually compared to a state that fully taxes that income. This meaningfully offsets the Kane County property tax burden — particularly for households with substantial pension or IRA income.
10-Year Cost Projection
| Year | HOA (3% annual increase) | Property Tax (1.5% increase) | All-In Annual Cost |
|---|---|---|---|
| Year 1 | $2,100 | $7,440 | $16,320 |
| Year 2 | $2,163 | $7,552 | $16,497 |
| Year 3 | $2,228 | $7,666 | $16,676 |
| Year 4 | $2,295 | $7,781 | $16,858 |
| Year 5 | $2,364 | $7,898 | $17,043 |
| Year 7 | $2,508 | $8,139 | $17,427 |
| Year 10 | $2,744 | $8,499 | $17,990 |
Projection assumes 3% annual HOA increase, 1.5% property tax increase, 2.5% inflation on insurance and maintenance. Illinois income tax advantage ($3,000–$4,500/year typical) not included — add it back based on your specific retirement income.
Run the Numbers on a Specific Home
Our Kane County agents can pull the actual tax history on any Edgewater address and model the Kane County exemption impact for your income situation.
Connect With an Agent