Market Watch: Rachel & Mark Dow lose over $540,000 on sale of Park Ridge 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: 425 Lake Ave., Park Ridge
The 3,781-square-foot home has four bedrooms, fives baths, a theater room, a security system, a wet bar, a jetted tub and a sauna. It was built in 2007.
The seller: Rachel and Mark Dow
The seller: Rachel and Mark Dow
The purchase: In October 2006, the Dows $1.3 million for the home, or roughly $1.62 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Dows sold the home on January 25 for a little over $1.08 million, or for approximately $540,295 less than the original purchase price, in today's dollars.
The Dows originally listed the home for sale in September 2018 at $1.16 million.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Dows paid $244,575 in property taxes between 2007 and 2017, or an estimated 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 |
| $1,305,500 | $1,085,000 | $244,575 |
