Market Watch: Palatine homeowner loses over $132,000 on sale of 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: 367 W. Rosalie Lane, Palatine
The 1,646-square-foot home has three bedrooms and three baths. It was built in 1966.
The seller: Kristine Klavins
The seller: Kristine Klavins
The purchase: In July 2003, Klavins paid $335,000 for the home, or roughly $457,656 in today's dollars.
The sale: According to Zillow, Klavins sold the home for $325,000 on Jan. 9, or $132,656 less than the original purchase price, in today's dollars.
The home was originally listed for $329,000 in October 2018.
The property taxes: Klavins paid $98,184 in property taxes from 2003 to 2017, or approximately 30 percent of the sale price.
