Market Watch: Matthew & Lacy Kaufman lose over $182,000 on sale of Deerfield 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: 245 Park Lane, Deerfield
The 3,483-square-foot home has 6 bedrooms, 4 baths, a beautiful sunroom and an oversized 2-car garage.
The seller: Matthew and Lacy Kaufman
The purchase: In April 2007, the Kaufmans paid $863,000 for the home, or almost $1.05 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Kaufmans sold the home for $867,000 on Jan. 11, or approximately $182,002 less than the original purchase price, in today's dollars.
The Kaufmans originally listed the home for $1.1 million in August 2018. They dropped the price in September and October to $999,000 and $950,000, respectively. In November 2018, the price decreased twice to $925,000 and $899,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Kaufmans paid $189,763 in property taxes between 2008 and 2017, or 22 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|