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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 and Zillow, Grady Prop paid $43,834 in property taxes between 2015 and 2017, or an estimated 11 percent of the sale price.


The Financial Facts in Today’s Dollars

Seller's Purchase Price

Amount Home Sold for in 2019

Seller’s Property Taxes




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