Market Watch: Kristof & Amy Schneider lose over $31,000 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: 754 Brighton Drive, Sugar Cove
The 3,354-square-foot home has 4 bedrooms, 3.5 baths, a high-end kitchen and an open floor plan. It was built in 2005
The seller: Kristof C. and Amy V. Schneider
The purchase: In June 2015, the Schneiders paid $410,000 for the home, or roughly $431,639 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Schneiders sold the home for $400,000 on Dec. 31, or an estimated $31,639 less than the original purchase price, in today's dollars.
The Schneiders listed the home in October 2018 at $424,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Schneiders paid $38,953 in property taxes between 2015 and 2017 or approximately 10 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|