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Market Watch: Nivas Jinka & Sailaja Etukala Neerugonti lose over $41,000 on sale of Bloomington 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: 3601 Pamela Drive, Bloomington

The 3,507-square-foot home has 5 bedrooms, 4 baths, a finished basement and is located in Sapphire Lake.

The seller: Nivas Jinka and Sailaja Etukala Neerugonti

The seller: Nivas Jinka and Sailaja Etukala Neerugonti

The purchase: In September 2009, Jinka and Neerugonti paid $253,000 for the home, or roughly $294,310 in today's dollars, according to the U.S. Bureau of Labor Statistics

The sale: According to Zillow, Jinka and Neerugonti sold the home for $230,000 on Feb.7, or approximately $41,310 less than the original purchase price, in today's dollars.

Jinka and Neerugonti originally listed the home for $275,000 in June 2018. They dropped the price in July, August, October and November 2018 to $265,000, $$254,900, $249,900 and $244,900, respectively.  The home was last listed in December 2018 at $239,900.

The property taxes: Based on data compiled from and Zillow, Jinka and Neerugonti paid $56,786 in property taxes between 2010 and 2017, or about 24.69 percent of the sale price.


The Financial Facts in Today’s Dollars

Seller's Purchase PriceAmount Home Sold for in 2019Seller’s Property Taxes

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