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Market Watch: Sieverts set to lose $70,000 on sale of River Forest 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: 1411 Park Ave., River Forest

The 4,068-square-foot home has five bedrooms, five baths, a gourmet kitchen, professionally landscaped yard, a two-car attached heated garage and an oversized master suite. 

The purchase: In July 2009, the Sieverts bought the home for $1.09 million, or roughly $1.27 million in today's dollars, according to the U.S. Bureau of Labor Statistics

The purchase: In July 2009, the Sieverts bought the home for $1.09 million, or roughly $1.27 million in today's dollars, according to the U.S. Bureau of Labor Statistics

The sale: According to Zillow, the Sieverts have a contingent sale on the home for $1.2 million, or $70,000 less than the original purchase price, in today's dollars.

The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Sieverts paid $114,106 in property taxes between 2013 and 2017, or an estimated 10 percent of the sale price. 

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The Financial Facts in Today’s Dollars

Seller's Purchase PriceAmount Home Sold for in 2019Seller’s Property Taxes
$1,087,500$1,200,000$114,106

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