Market Watch: Ty and Cassandra Newman lose over $110,000 on sale of Bloomington 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: 3901 Rave Road, Bloomington
The 3,129-square-foot home has 4 bedrooms, 3 baths, a 3-car garage, and a beautiful back patio.
The seller: Ty A. and Cassandra M. Newman
The seller: Ty A. and Cassandra M. Newman
The purchase: In May 2014, the Newmans paid $270,000 for the home, or $285,132 in today's dollars.
The sale: According to Zillow, the Newmans sold the home for $174,900 on Jan.14, or $110,232 less than the original purchase price, in today's dollars.
They originally listed the home for $240,000 in November 2018.
The property taxes: The Newmans paid $28,086 in property taxes from 2014 to 2017, or 16 percent of the sale price.
