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Market Watch: John Driscoll and Kelly Abell lose over $215,000 on sale of Flossmoor 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: 2124 Cummings Lane, Flossmoor

The 3,595-square-foot home has 5 bedrooms, 4 baths and was built in 1953.

The seller: John O. Driscoll & Kelly Abell

The seller: John O. Driscoll & Kelly Abell

The purchase: In December 2014, Driscoll and Abell paid $385,000 for the home, or roughly $508,274 in today's dollars, according to the U.S. Bureau of Labor Statistics.

The sale: According to Zillow, Driscoll and Abell sold the home for $293,000 on Jan.15, or approximately $215,274 less than the original purchase price, in today's dollars.

Driscoll and Abell first listed the home in May 2015 for $369,000.  They dropped the price twice in May 2018 to $360,000 and $349,900.  In June 2018, the price fell again to $339,900; and in August 2018, it dropped to $324,900.  The home was last listed at $314,900 in November 2018.

The property taxes: Based on data compiled from and Zillow, Driscoll and Abell paid $149,370 in property taxes between 2005 and 2017, or about 51 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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