Lake County Gazette

Illinois' highest-in-the-nation property taxes are eroding home equity and depressing home values across the state. This report is part of a Lake County Gazette series on recent home sales that demonstrate the consequences.

The home: 1230 Kajer Lane in Lake Forest

It has five bedrooms, five bathrooms, a three-car garage, cathedral sunroom, his-and-her walk-in closets, a third-floor retreat with built-in beds, and media, workout and game areas in the finished basement. 

The sellers: John E. and Debra G. Kunz

John Kunz is the former vice president, corporate controller and principal accounting officer of Tenneco Inc. In 2017, he was named senior vice president and chief financial officer at U.S. Concrete, headquartered in Euless, Texas. 

In 2007, Kunz and his wife made headlines when they ripped out a city sidewalk leading to a school and playground behind their home. The demolition came as a surprise to their neighbors and the City of Lake Forest. A year later, the couple agreed to pay $25,000 to have a new sidewalk installed -- on their neighbor's property -- plus were fined $5,000 for their actions, according to the Chicago Tribune. 

The purchase: In 2004, the Kunzes paid $1.2 million for the home, or $1.6 million in today's dollars, according to BlockShopper. 

The sale:  The couple sold the home for $1.1 million on Dec. 13, or $500,000 less than the original purchase price, in today's dollars, according to Zillow.com.

The Kunzes originally listed the home for $1.3 million on Feb. 14.

The property taxes: The couple paid $191,263 in property taxes while owning the home, or 17 percent of the sale price.

The 2017 tax bill was $17,562, or 2 percent of the sale price.