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 Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $1,087,500 | $1,200,000 | $114,106 |
