Market Watch: Richard & Susan Tobey lose over $222,000 on sale of Saint Charles 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: 42W485 Sylvan Lane, Saint Charles
The 6,405-square-foot custom-built home has 6 bedrooms, 5 baths, a walkout finished basement and recently remodeled kitchen.
The seller: Richard and Susan Tobey
The seller: Richard and Susan Tobey
The purchase: In November 2007, the Tobeys paid $570,000 for the home, or approximately $682,642 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Tobeys sold the home for $460,000 on Feb. 18, or roughly $222,642 less than the original purchase price, in today's dollars.
The Tobeys originally listed the home in April 2015 for $524,800. They put the home back on the market in April 2018 for $539,000 and lowered the price in May 2018 to $523,900. The dropped the price in June, July and early September 2018 to $514,900, $499,000 and $494,000 respectively. It was last listed in late September 2018 at $479,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Tobeys paid $85,849 in property taxes between 2013 and 2017, or approximately 19 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 |
| $570,000 | $460,000 | $85,849 |
