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Market Watch: Armando Torres loses over $160,000 on sale of Lemont 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: 13103 Red Drive, Lemont

The 3,800-square-foot home has 5 bedrooms, 4 baths, a gorgeous remodeled kitchen and sits on 1.45 acres of land.

The seller: Armando Torres

The seller: Armando Torres

The purchase: In October 2006, Torres paid $532,000 for the home, or roughly $662,318 in today's dollars. 

The sale: According to Zillow, Torres sold the home for $502,000 on Dec.28, or approximately $160,318 less than the original purchase price, in today's dollars.

Torres originally listed the home for $579,000 in October 2017. By September 2018, he had lowered the price to  $519,000.

The property taxes: Torres paid $125,224 in property taxes from 2006 to 2017, or an estimated 25 percent of the sale price. 

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