Market Watch: Timothy Rozhon loses over $121,000 on sale of Channahon 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: 2826 S. Kathey Drive, Channahon
The 2,004-square-foot home has 4 bedrooms, 4 baths and was built in 1995.
The seller: Timothy Rozhon
The seller: Timothy Rozhon
The purchase: In February 2006, Rozhon paid $290,000 for the home, or roughly $366,671 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Rozhon sold the home for $245,000 on Jan.18, or an estimated $121,671 less than the original purchase price, in today's dollars.
Rozhon originally listed the home for $310,000 in June 2018. He dropped the price twice in July to $295,000 and $275,000. He lowered the price three times in August to: $274,900, $272,900 and $260,000. The price decreased again in November to $242,500.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Rozhon paid $63,627 in property taxes between 2008 and 2017, or approximately 26 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 |
| $290,000 | $245,000 | $63,627 |
