Market Watch: William & Monika Mullen lose over $147,000 on sale of Crystal Lake 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: 3494 Meadowlark Lane, Crystal Lake
The 4,596-square-foot home has 4 bedrooms, 5 baths, a 3-car garage, an in-ground pool and a beautiful patio with a firepit.
The seller: William S. Mullen and Monika E. Mullen
The seller: William S. Mullen and Monika E. Mullen
The purchase: In June 2010, the Mullens paid $640,000 for the home, or roughly $737,683 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Mullens sold the home for $590,000 on Feb.15, or approximately $147,683 less than the original purchase price, in today's dollars.
The Mullens originally listed the home for $675,000 in September 2018 and dropped the price in October 2018 to $625,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Mullens paid $98,033 in property taxes between 2013 and 2017, or about 17 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 |
| $640,000 | $590,000 | $98,033 |
