Market Watch: Garth & Michelle Elliott lose over $364,000 on sale of Elgin 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: 3658 Broadleaf Ave., Elgin
The 4,062-square-foot custom-built home has 4 bedrooms and 5 baths. It features reclaimed Chicago brick and carriage house-style garage doors; and a wall of windows overlooking a park and pond.
The seller: Garth D. and Michelle M. Elliott
The purchase: In January 2008, the Elliotts paid $810,000 for the home, or roughly $964,083 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Elliots sold the home for $600,000 on Dec.28, or roughly $364,083 less than the original purchase price, in today's dollars.
The Elliotts originally listed the home for $695,000 in May 2018. They dropped the price in October 2018 to $625,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Elliotts paid $102,055 in property taxes between 2013 and 2017, or approximately 17 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|