Market Watch: Charles, Marjorie and Tyler Faulk lose over $22,000 on sale of Belleville 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: 316 Lucinda Ave., Belleville
The 735-square-foot home has 2 bedrooms, 1 bath, and is close to schools, downtown and shopping.
The seller: Charles J., Marjorie A. and Tyler A. Faulk
The seller: Charles J., Marjorie A. and Tyler A. Faulk
The purchase: In September 2005, the Faulks paid $65,000 for the home, or roughly $82,143 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Faulks sold the home for $60,000 on Jan.18, or an estimated $22,143 less than the original purchase price, in today's dollars.
The Faulks originally listed the home for $65,000 in August 2018. They dropped the price in October 2018 to $62,500.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Faulks paid $7,562 in property taxes between 2012 and 2017, or approximately 12.6 percent of the sale price.
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The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $65,000 | $60,000 | $7,562 |
