Market Watch: Bernard Miller loses over $39,700 on sale of Normal 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: 8 Striegel Court, Normal
The 1,928-square-foot home is a ranch-style duplex with a gas fireplace and 2-car garage. The main unit has two bedrooms and two bathrooms; and the second unit has two bedrooms and one bathroom.
The seller: Bernard H. Miller
The seller: Bernard H. Miller
The purchase: In June 2016, Miller paid $175,000 for the home, or roughly $182,712 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Miller sold the home for $143,000, or an estimated $39,712 less than the original purchase price, in today's dollars.
Miller originally listed the home for $174,000 in August 2018. He dropped the price the next month to $169,000 and once more in November 2018 to $164,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Miller paid $8,226 in property taxes between 2016 and 2017, or approximately 6 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 |
| $175,000 | $143,000 | $8,226 |
