Market Watch: Catherine Settle loses over $48,000 on sale of Tower Lakes 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: 211 Bridge Lane, Tower Lakes
The 1,635-square-foot home has 3 bedrooms, 2 baths, is on a corner lot, and it comes with beach access and lake rights.
The seller: Catherine E. Settle
The purchase: In June 2010, Settle paid $255,000 for the home, or roughly $293,920 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Settle sold the home for $245,000, or approximately $48,920 less than the original purchase price, in today's dollars.
Settle originally listed the home for $299,500 in July 2018. A month later, she lowered the price to $289,500 and continued to lower the price monthly after that until it was at $250,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Settle paid $44,590 in property taxes between 2010 and 2017, or an estimated 18 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|