Market Watch: Kotomi & Rob Dorman lose over $57,000 on sale of Collinsville 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: 7 Davis Woods, Collinsville
The 1,900-square-foot home has 3 bedrooms, 3 baths, a large private back yard and a Jacuzzi tub in the master bath.
The seller: Kotomi and Rob Dorman
The seller: Kotomi and Rob Dorman
The purchase: In August 2007, the Dormans paid $158,000 for the home, or roughly $191,280 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Dormans sold the home for $134,000 on Feb. 5, or approximately $57,280 less than the original purchase price, in today's dollars.
The Dormans originally listed the home for $169,900 in February 2008. They lowered the price twice in November 2018 to $144,900 and $139,900. In December 2018, they dropped the price again to $137,500.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Dormans paid $16,072 in property taxes between 2012 and 2017, or an estimated 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 |
| $158,000 | $134,000 | $16,072 |
