Market Watch: Kelly Bennett loses over $50,000 on sale of Lanark 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: 19-76 Timber Ridge Road, Lanark
The 2,360-square-foot home has 5 bedrooms, 3 baths, an in-ground pool and includes a deeded slip in the West Marina.
The seller: Kelly Bennett
The seller: Kelly Bennett
The purchase: In November 2012, Bennett paid $385,000 for the home, or roughly $420,138 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Bennett sold the home for $369,500 on Feb. 1, or an estimated $50,638 less than the original purchase price, in today's dollars.
Bennett originally listed the home for $399,000 in November 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Bennett paid $32,076 in property taxes between 2013 and 2017, or about 9 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 |
| $385,000 | $369,500 | $32,076 |
