Market Watch: Jonathon Wyatt loses over $36,000 on sale of Fairview Heights 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: 258 Arbor Meadows Court, Fairview Heights
The 3,736-square-foot home has 5 bedrooms, 4 baths, a luxury kitchen and beautiful lake views.
The seller: Jonathon R. Wyatt
The seller: Jonathon R. Wyatt
The purchase: In February 2017, Wyatt paid $384,000 for the home, or roughly $396,027 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Wyatt sold the home for $360,000 on Jan. 22, for approximately $36,027 less than the original purchase price, in today's dollars.
Wyatt originally listed the home for $399,900 in April 2018. The price dropped in July to $389,900 and decreased again in August to $384,900. Wyatt listed the home last in September 2018 for $375,000 and it remained at the price until the sale.
The property taxes: Based on data compiled from Zillow, Wyatt paid $6,233 in property taxes in 2017, or approximately 2 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 |
| $384,000 | $360,000 | $6,233 |
