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Market Watch: Tammara Washington loses over $58,000 on sale of Belleview 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: 2690 Brookmeadow Drive, Belleview

The 1,850-square-foot home has 4 bedrooms, 3 baths, corner lot and has a cozy family room fireplace.

The seller: Tammara Washington

The seller: Tammara Washington

The purchase: In July 2005, Washington paid $172,500 for the home, or roughly $221,789 in today's dollars, according to the U.S. Bureau of Labor Statistics.

The sale: According to Zillow, Washington sold the home for $163,000 on Jan. 24, or an estimated $58,789 less than the original purchase price, in today's dollars.

Washington originally listed the home for $179,900 in August 2018. She dropped the price in September to $174,900 and again in October to $169,900.  The home was last listed at $165,000 in November.

The property taxes: Based on data compiled from Blockshopper.com and Zillow, Washington paid $37,411 in property taxes between 2012 and 2017, or 23 percent of the sale price. 

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The Financial Facts in Today’s Dollars

Seller's Purchase PriceAmount Home Sold for in 2019Seller’s Property Taxes
$172,500$163,000$37,411

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