Market Watch: Kurt & Carol Bock lose over $101,000 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: 19 Lavender Lane, Bloomington
The 5,063-square-foot home has 4 bedrooms, 3.5 baths, a 3-car garage, and a customer master bathroom with his and hers sinks.
The seller: Kurt F. and Carol L. Bock
The seller: Kurt F. and Carol L. Bock
The purchase: In January 2003, the Bocks paid $369,900 for the home, or roughly $511,453 in today's dollars.
The sale: According to Zillow, the Bocks sold the home for $410,000 on Jan.9, or approximately $101,453 less than the original purchase price, in today's dollars.
The Bocks originally listed the home for $439,000 in September 2018. In October, they dropped the price to $429,000.
The property taxes: The Bocks paid $77,837 in property taxes while owning the home, or an estimated 19 percent of the sale price.
