Market Watch: Elizabeth & John Newby lose over $48,000 on sale of Naperville 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: 1131 Overton Court, Naperville
The 3,154-square-foot home has 5 bedrooms, 4 baths, a finished basement, custom cabinetry and a 2-story front porch.
The seller: Elizabeth K. Newby & John E. Newby
The seller: Elizabeth K. Newby & John E. Newby
The purchase: In August 2016, the Newbys paid $497,500 for the home, or roughly $518,949 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Newbys sold the home for $470,000 on Dec.28, or approximately $48,949 less than the original purchase price, in today's dollars.
The Newbys originally listed the home for $549,900 in September 2018. They also lowered the price in mid-September to $535,000 and again in October to $525,000. It was last listed at $499,500 in November 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Newbys paid $9,365 in property taxes in 2017, or about 2 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 |
| $497,500 | $470,000 | $9,365 |
