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Market Watch: Thaveri & Ravi Jani lose over $83,000 on sale of Chicago townhome

 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: 472 W. Superior St., Chicago

Located in popular River North, the 3,200-square-foot custom-built townhome has 4 bedrooms; 3 baths; a chef's kitchen with Viking, Subzero and Bosch appliances; and a balcony off the kitchen and a roof-top deck.

The seller: Thaveri Jani and Ravi H. Jani

The seller: Thaveri Jani and Ravi H. Jani

The purchase: In May 2017, the Janis paid $1.25 million for the home, or roughly $1.28 million in today's dollars, according to the U.S. Bureau of Labor Statistics

The sale: According to Zillow, the Janis sold the home for $1.2 million, or approximately $83,199 less than the original purchase price, in today's dollars.

The Janis originally listed the home for $1.39 million in June 2018.  In July, August and September 2018, they lowered the price to $1.38 million, $1.37 million and $1.32 million, respectively.

The property taxes: Based on data compiled from and Zillow, the Janis paid $24,512 in property taxes in 2017, or about 20 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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