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Market Watch: Matthew & Lacy Kaufman lose over $182,000 on sale of Deerfield 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: 245 Park Lane, Deerfield

The 3,483-square-foot home has 6 bedrooms, 4 baths, a beautiful sunroom and an oversized 2-car garage.

The seller: Matthew and Lacy Kaufman

The seller: Matthew and Lacy Kaufman

The purchase: In April 2007, the Kaufmans paid $863,000 for the home, or almost $1.05 million in today's dollars, according to the U.S. Bureau of Labor Statistics. 

The sale: According to Zillow, the Kaufmans sold the home for $867,000 on Jan. 11, or approximately $182,002 less than the original purchase price, in today's dollars.

The Kaufmans originally listed the home for $1.1 million in August 2018. They dropped the price in  September and October to $999,000 and $950,000, respectively. In November 2018, the price decreased twice to $925,000 and $899,900.

The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Kaufmans paid $189,763 in property taxes between 2008 and 2017, or 22 percent of the sale price.

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The Financial Facts in Today’s Dollars

Seller's Purchase PriceAmount Home Sold for in 2019Seller’s Property Taxes
$863,000$867,000$189,763

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