Market Watch: Kristen & Stacey Pena lose over $70,000 on sale of Minooka 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: 919 Casey Drive, Minooka
The 1,613-square-foot home has 2 bedrooms, 2 baths, and features an open floor plan and full basement.
The seller: Kristen A. and Stacey A. Pena
The seller: Kristen A. and Stacey A. Pena
The purchase: In January 2012, the Penas paid $226,000 for the home, or roughly $250,495 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Penas sold the home for $180,000 on Jan.17, or an estimated $70,495 less than the original purchase price, in today's dollars.
The Penas originally listed the home for $200,000 in October 2018. They dropped the price in November 2018 to $180,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Penas paid $15,917 in property taxes between 2013 and 2017, or approximately 9 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 |
| $226,000 | $180,000 | $15,917 |
