Market Watch: Keith Thomas loses over $20,000 on sale of Springfield 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: 6 Claire Drive, Springfield
The 950-square-foot ranch-style home has 2 bedrooms, 1 bath, a 1.5-car garage and a large walk-in closet in the master suite.
The seller: Keith Thomas
The seller: Keith Thomas
The purchase: In February 2010, Thomas paid $80,000 for the home, or roughly $92,371 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Thomas sold the home for $72,500 on Jan. 31, or approximately $20,231 less than the original purchase price, in today's dollars.
Thomas originally listed the home for $89,000 in early May 2018. He dropped the price to $86,000 at the end of May 2018. In July 2018 the price decreased to $85,000 and again in August to $82,000. The home was last listed in October 2018 at $74,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Thomas paid $13,046 in property taxes between 2010 and 2017, or about 18 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 |
| $80,000 | $72,500 | $13,046 |
