Market Watch: Matthew Heerman loses over $44,000 on sale of Minooka 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: 1045 Clover Drive, Minooka
The 1,430-square-foot townhome has 3 bedrooms, 1.5 baths and overlooks a large empty field.
The seller: Matthew K. Heerman
The seller: Matthew K. Heerman
The purchase: In August 2006, Heerman paid $152,500 for the home, or roughly $188,259 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Heerman sold the home for $144,000 on Feb. 15, or an estimated $44,259 less than the original purchase price, in today's dollars.
Heerman originally listed the home for rent in March 2011 and eventually put it on the market for sale in January for $149,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Heerman paid $14,016 in property taxes between 2013 and 2017, or an estimated 10 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 |
| $152,500 | $144,000 | $14,016 |
