Market Watch: James & Karen Giblin lose over $44,000 on sale of Orland 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: 8932 Wheeler Drive, Orland Park
The home has 4 bedrooms, 3 baths, a large deck with an enclosed gazebo and an above-ground pool. It was built in 1986.
The seller: James N. and Karen M. Giblin
The seller: James N. and Karen M. Giblin
The purchase: In September 2009, the Giblins paid $318,000 for the home, or roughly $369,923 in today's dollars.
The sale: According to Zillow, the Giblins sold the home for $325,000 on Jan.10, or an estimated $44,923 less than the original purchase price, in today's dollars.
The Giblins originally listed the home for $335,000 in early November 2018. They dropped the price in mid- November to $330,000.
The property taxes: The Giblins paid $59,169 in property taxes between 2009 and 2017, or approximately 18 percent of the sale price.
