Market Watch: Bulls' EVP of Basketball Operations could lose $137K on Lake Bluff 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 Lake County Gazette series on recent home listings that demonstrate the consequences.
The home: 125 Boardman Court in Lake Bluff
It has five bedrooms, six baths, a chef's kitchen with a 14-foot island, a steam shower in the master bath, a heated driveway and a double-decker patio overlooking 1 wooded acre of land.
The sellers: Chicago Bulls' Executive Vice President of Basketball Operations John Paxson and his wife, Carolyn
Paxson, 58, is a former Bulls' guard who moved to the team's front office in 2003. He was instrumental in the team's three-peat championship win of 1993 when he scored a three-pointer in Game 5 of the NBA finals with 3.9 seconds left to play.
The purchase: Paxson and his wife bought the Lake Bluff home in 1991 for $650,000, or $1.22 million in today's dollars.
The listing: According to Zillow.com, the Paxson's listed their home for $1.08 million on Dec. 10, or $137,222 less than the original purchase price, in today's dollars
The property taxes: Since 2000, the Paxson's paid $253,073 in property taxes, or 23 percent of the asking price.
The bill this year was $22,078, or 2 percent of the asking price.