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 Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $172,500 | $163,000 | $37,411 |
