Market Watch: Christine & Timothy Herman lose over $192,000 on sale of Orland Park 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: 13514 Tallgrass Trail, Orland Park
The 4,000-square-foot home has 5 bedrooms, 4 baths, a gourmet kitchen and has custom finishes.
The seller: Christine and Timothy Herman
The seller: Christine and Timothy Herman
The purchase: In September 2008, the Hermans paid $655,000 for the home, or roughly $752,149 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Hermans sold the home for $560,000 on Jan. 25, or approximately $192,149 less than the original purchase price, in today's dollars.
The Hermans originally listed the home for $599,500 in June 2018. They dropped the price in July 2018 to $595,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Hermans paid $116,728 in property taxes between 2008 and 2017, or about 21 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 |
| $655,000 | $560,000 | $116,728 |
