Market Watch: Mokena homeowners lose over $54,000 on sale of Tall Grass Preserves house
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: 21000 Tall Grass Drive, Mokena
The 4,264-square-foot home has 5 bedrooms, 5 baths, walnut flooring, a dual staircase and gourmet kitchen. It is located in the Tall Grass Preserves subdivision.
The seller: Larita Luckey, Henry L. Craig (Estate) and Michael F. Webster (Co-Guardian)
The seller: Larita Luckey, Henry L. Craig (Estate) and Michael F. Webster (Co-Guardian)
The purchase: In December 2014, Luckey and Craig paid $499,900 for the home, or roughly $534,859 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the home sold for $480,000 on Feb.15, or approximately $54,849 less than the original purchase price, in today's dollars.
The home was originally listed for sale at $499,900 in December 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the homeowners paid $58,967 in property taxes between 2015 and 2017, or 12 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 |
| $499,900 | $480,000 | $58,967 |
