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Market Watch: Naim & Farida Poa Khan lose over $61,000 on sale of Shiloh 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: 306 Tailfeather Drive, Shiloh

The 3,260-square-foot home has 4 bedrooms, 4 baths, a finished basement and a deck.

The seller: Naim and Farida Poa Khan

The seller: Naim and Farida Poa Khan

The purchase: In January 2006, the Poa Khans paid $184,000 for the home, or roughly $233,115 in today's dollars, according to the U.S. Bureau of Labor Statistics.

The sale: According to Zillow, the Poa Khans sold the home for $172,000 on Feb. 1, or about $61,115 less than the original purchase price, in today's dollars.

The Poa Khans originally listed the home for $179,900 in August 2018 and then dropped the price in October to $177,000.

The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Poa Khans paid $22,513 in property taxes between 2012 and 2017, or approximately 13 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
$184,000$172,000$22,513

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