Market Watch: Kevin & Kristen Otterness lose over $263,000 on sale of Yorkville 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: 2901 Alden Ave., Yorkville
The 4,043-square-foot home has 5 bedrooms, 3 baths, an unfinished basement and an outdoor fireplace.
The seller: Kevin J. and Kristen M. Otterness
The seller: Kevin J. and Kristen M. Otterness
The purchase: In December 2006, the couple paid $517,500 for the home, or roughly $645,495 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Otterness's sold the home for $382,000 on Feb. 15, or approximately $263,495 less than the original purchase price, in today's dollars.
They originally listed the home for $400,000 in March 2018. They dropped the price in June 2018 to $398,000 and again in July 2018 to $394,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Otterness's paid $54,788 in property taxes between 2013 and 2017, or about 14 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 |
| $517,500 | $382,000 | $54,788 |
