Market Watch: Kenneth Mohr loses over $65,000 on sale of Fulton 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: 716 N. 4th St., Fulton
The 3,250-square-foot home has 3 bedrooms, 2 baths, a personal boat dock and a gorgeous riverfront location.
The seller: Kenneth Mohr
The seller: Kenneth Mohr
The purchase: In April 2011, Mohr paid $345,000 for the home, or roughly $385,384 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Mohr sold the home for $320,000 on Feb.1, or about $65,384 less than the original purchase price, in today's dollars.
Mohr originally listed the home for $424,900 in August 2015, and in August 2016 he lowered the price to $415,000. The price changed again in April 2018, rising to $448,000. However, in June, July, August and September of 2018, the price dropped to $439,500, $420,000, $399,900 and $365,000 respectively. The home was last listed in October 2018 at $349,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Mohr paid $52,745 in property taxes between 2012 and 2017, or approximately 16.48 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 |
| $345,000 | $320,000 | $52,745 |
