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 Blockshopper.com and Zillow, Jinka and Neerugonti paid $56,786 in property taxes between 2010 and 2017, or about 24.69 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 |
| $253,000 | $230,000 | $56,786 |
