Market Watch: Doranne E. Pagliuca trust loses over $207,000 on sale of Batavia 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: 2423 Big Woods Drive, Batavia
The 3,000-square-foot home has 4 bedrooms, 2 baths, custom cabinets, a private deck and granite countertops.
The seller: Doranne E. Pagliuca, held in trust
The purchase: In December 2005, Pagliuca paid $535,000 for the home, or roughly $682,975 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Pagliuca's trust sold the home for $475,000 in December 2018, or approximately $207,975 less than the original purchase price, in today's dollars.
The trust originally listed the home for $549,000 in May 2015. It dropped the price in February 2018 to $495,000. In April 2018, the price decreased again to $490,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Pagliuca paid $60,633 in property taxes between 2013 and 2017, or approximately 13 percent of the sale price.
The Financial Facts in Today’s Dollars
|Seller's Purchase Price||Amount Home Sold for in 2019||Seller’s Property Taxes|