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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. 

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