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Market Watch: Grady Prop Inc. loses over $68,000 on sale of Flossmoor 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: 830 Burns Ave., Flossmoor

The 4,850-square-foot home has 6 bedrooms, 4 baths, mature landscaping, a walk-in pantry, a flagstone patio and a wood-burning fireplace.

The seller: Grady Prop Inc.

The seller: Grady Prop Inc.

The purchase: In June 2015, Grady Prop Inc. paid $440,000 for the home, or roughly $463,222 in today's dollars, according to the U.S. Bureau of Labor Statistics.

The sale: According to Zillow, Grady Prop sold the home for $395,000 on Dec.28, or approximately $68,222 less than the original purchase price, in today's dollars.

The company originally listed the home for $519,000 in July 2017. It dropped the price in July 2017 to $519,000 and again in September 2017 to $509,900. In October 2017 the price declined again to $499,000 and in November 2017 it dropped to $479,000.  In April, September and November of 2018 the company changed the price on the home to $469,000, $449,000 and $439,000, respectively.  It was last listed at $439,000 in November 2018.

The property taxes: Based on data compiled from Blockshopper.com and Zillow, Grady Prop paid $43,834 in property taxes between 2015 and 2017, or an estimated 11 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

$440,000

$395,000

$43,834