Market Watch: Kelvin & Janieen Tarrance lose over $155,000 on sale of Bloomington 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: 2616 Crooked Creek Road, Bloomington
The 2,603-square-foot home has 5 bedrooms, 3.5 baths, vaulted ceilings and custom cabinetry.
The seller: Kelvin and Janieen Tarrance
The seller: Kelvin and Janieen Tarrance
The purchase: In June 2014, the Tarrances paid $320,000 for the home, or roughly $410,121 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Tarrances sold the home for $255,000 on Feb. 5, or approximately $155,121 less than the original purchase price, in today's dollars.
The Tarrances originally listed the home for $300,000 in June 2018 and at the end of that month lowered the price to $294,900. The price dropped again in July 2018 to $289,900. In August 2018, the price dropped twice again to $283,000 and $280,000. The Tarrances continued to drop the price in September, October and November 2018 to $274,900, $265,900 and $259,900, respectively.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Tarrances paid $41,625 in property taxes between 2013 and 2017, or about 16 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 |
| $320,000 | $255,000 | $41,625 |
