Market Watch: Christine Hughes loses over $23,000 on sale of Schaumburg 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: 319 Hillside Court, Schaumburg
The 2,773-square-foot home has 5 bedrooms, 5 baths, an open floor plan and a new roof.
The seller: Christine E. Hughes
The seller: Christine E. Hughes
The purchase: In August 1998, Hughes paid $292,000 for the home, or roughly $448,959 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Hughes sold the home for $425,000 on Dec .31, or an estimated $23,959 less than the original purchase price, in today's dollars.
Hughes originally listed the home for $479,000 in June 2018. She dropped the price to $460,000 in August 2018 and again in September 2018 to $449,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Hughes paid $157,292 in property taxes between 1999 and 2017, or approximately 37 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 |
| $292,000 | $425,000 | $157,292 |
