Market Watch: Smartts lose over $139,000 on sale of Lake Villa 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: 575 Blazing Star Drive, Lake Villa
The 3,901-square-foot home has four bedrooms, three baths and a large backyard with a fire pit. It wasbuilt in 2008.
The seller: Eric Smartt and Mecca-Maxey Smartt
The purchase: In September 2008, the Smartts paid $400,500 for the home, or roughly $459,902 in today's dollars.
The sale: According to Zillow, the Smartts sold the home for $320,000 on Jan.11, or approximately $139,902 less than the original purchase price, in today's dollars.
The couple originally listed the home for $369,900 in February 2018. They lowered the price in October 2018 to $329,900.
The property taxes: The Smartts paid $106,961 in property taxes from 2008 to 2017, or 33 percent of the sale price.