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 Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $184,000 | $172,000 | $22,513 |
