Market Watch: Illini professors lose over $55,000 on sale of Savoy 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: 606 Silver Lake Court, Savoy
The 3,355-square-foot home has five bedrooms, four baths, granite countertops and a beautiful creek running on the property line in the backyard.
The seller: Marian E. Huhman and David M. Buchner
The seller: Marian E. Huhman and David M. Buchner
Huhman is a retired professor who taught at the University of Illinois at Urbana-Champaign's Department of Communication.
Buchner is a geriatrician who heads the Master of Public Health Program at the school's Kinesiology and Community Health department.
The purchase: In August 2008, Huhman and Buchner paid $410,000 for the home, or roughly $470,160 in today's dollars.
The sale: According to Zillow, Huhman and Buchner sold the home for $415,000 on Jan.3 , or an estimated $55,160 less than the original purchase price, in today's dollars.
Huhman and Buchner originally listed the home for $439,500 in May 2018. They dropped the price in November 2018 to $419,000.
The property taxes: Huhman and Buchner paid $67,443 in property taxes from 2010 to 2017, or approximately 16 percent of the sale price.
