Market Watch: North Center homeowners lose more than $458,000 on sale
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: 2149 W. Grace St., Chicago
The single-family home built in 2004 has five bedrooms and four baths, a stainless steel kitchen, a second-floor laundry room, finished basement and a detached garage with a rooftop deck.
The seller: Cherrie C. Hartman and Daniel W. Hartman
The seller: Cherrie C. Hartman and Daniel W. Hartman
The purchase: In August 2005, the Hartmans paid $1.35 million for the home, or roughly $1.73 million in today's dollars.
The sale: According to Zillow, the Hartmans sold the home for approximately $1.27 million on Jan. 8, or $458,303 less than the original purchase price, in today's dollars.
The Hartmans originally listed the home for $1.34 million in June 2018 and it remained at that price point until it sold.
The property taxes: The Hartmans paid $255,056 in property taxes from 2005 to 2017, or 20 percent of the sale price.
