Market Watch: Alice Madden loses over $49,000 on sale of Oak Park 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: 611 N. Oak Park Ave., Oak Park
The 3,869-square-foot home has six bedrooms, three baths and a detached four-car garage. It was built in 1896.
The seller: Alice F. Madden
The seller: Alice F. Madden
The purchase: In September 2014, Madden paid $805,000 for the home, or roughly $849,648 in today's dollars.
The sale: According to Zillow, Madden sold the home for exactly what she paid for it for $805,000 on Dec.31, or approximately $49,648 less than the original purchase price, in today's dollars.
The property taxes: Madden paid $96,687 in property taxes from 2014 to 2017, or 12 percent of the sale price.
