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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. 

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