Market Watch: Mark & Carolyn Runyan lose over $70,000 on sale of Libertyville 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: 207 4th St., Libertyville
The 1,348-square-foot home has 4 bedrooms, 3 baths and a detached garage. It was built in 1910.
The seller: Mark D. Runyan & Carolyn J. Runyan
The seller: Mark D. Runyan & Carolyn J. Runyan
The purchase: In June 2014, the Runyans paid $380,000 for the home, or roughly $440,551 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Runyans sold the home for $370,000 on Jan. 11, or about $70,551 less than the original purchase price, in today's dollars.
The Runyans originally listed the home for $389,900 in July 2018. They dropped the price to $385,000 in November 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Runyans paid $25,550 in property taxes between 2015 and 2017, or about 7 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 |
| $380,000 | $370,000 | $25,550 |
