Market Watch: Dave & Jana Heckel lose over $180,000 on sale of Gilberts home
Illinois' highest-in-the-nation property taxes are eroding home equity and depressing home values across the state. This report is part of a SYHN News Service series on recent home sales that demonstrate the consequences.
The home: 164 Gregory M. Sears Drive, Gilberts
This 2,456-square-foot home has four bedrooms and three baths, and it backs onto a pond.
The seller: David P. and Jane Heckel
The purchase: In February 2005, the Heckels paid $344,000 for the home, or roughly $450,595 in today's dollars.
The sale: According to Zillow, the Heckels sold the home for $270,000 on Jan. 7, or $180,595 less than the original purchase price, in today's dollars.
The Heckels originally listed the home for $297,900 in May 2016. The sale price had dropped to $278,000 by December 2018.
The property taxes: The Heckels paid $43,486 in property taxes while owning the home, or 16 percent of the sale price.