Market Watch: Jason Berzanski & Kimberly Naumann lose over $114,000 on sale of Sugar Grove 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: 1341 Hall St., Sugar Grove
The 2,834-square-foot home has four bedrooms, three baths, an unfinished basement and a three-car garage. It was built in 2005.
The seller: Jason C. Berzanski and Kimberly A. Naumann
The purchase: In June 2005, Berzanski and Naumann paid $329,000 for the home, or roughly $424,964 in today's dollars.
The sale: According to Zillow, Berzanski and Naumann sold the home for $310,000 on Jan.11, or an estimated $114,964 less than the original purchase price, in today's dollars.
They originally listed the home for $339,900 in April 2018. The lowered the price in August 2018 to $314,900.
The property taxes: Berzanski and Naumann paid $43,661 in property taxes from 2013 to 2017, or approximately 14 percent of the sale price.