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Market Watch: Eric Faulkner loses almost $50,000 on sale of Mahomet 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: 1612 Briarwood Lane, Mahomet

The 1,665-square-foot home has 3 bedrooms, 4 baths, a balcony deck with great views and geothermal heating and cooling.

The seller: Eric W. Faulkner

The seller: Eric W. Faulkner

The purchase: In June 2016, Faulkner paid $455,000 for the home, or roughly $474,284 in today's dollars, according to the U.S. Bureau of Labor Statistics. 

The sale: According to Zillow, Faulkner sold the home for $424,500, or approximately $49,784 less than the original purchase price, in today's dollars.

Faulkner originally listed the home for $475,000 in August 2017. He dropped the price in June, August and November of 2018 to $449,900, $439,900 and $437,500 respectively.

The property taxes: Based on data compiled from Zillow, Faulkner paid $11,895 in property taxes in 2017, or about 2.8 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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