Market Watch: Bonnie & Larry Wagner lose over $74,000 on sale of Belleville 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: 2236 Wendy Way Drive, Belleville
The 2,754-square-foot home has 4 bedrooms and 3 baths. It was built in 1979.
The seller: Bonnie A. and Larry R. Wagner
The seller: Bonnie A. and Larry R. Wagner
The purchase: In November 2000, the Wagners paid $138,500 for the home, or roughly $199,860 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Wagners sold the home for $125,000, or approximately $74,860 less than the original purchase price, in today's dollars.
The Wagners originally listed the home for $124,000 in October 2018. They dropped the price in November 2018 to $114,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Wagners paid $9,096 in property taxes between 2012 and 2014, or an estimated 7 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 |
| $138,500 | $125,000 | $9,096 |
