Market Watch: William & Deborah Denten lose over $329,000 on sale of Palatine home
The home: 309 Elmwood Court, Palatine
The 3,700-square-foot home has 5 bedrooms, 4 baths, an open floor plan, built-in dining nook and is located in the highly sought out Plum Grove Estates neighborhood
The seller: William R. and Deborah A. Denton
The purchase: In February 2005, the Dentons paid $590,000 for the home, or approximately $774,296 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In February 2005, the Dentons paid $590,000 for the home, or approximately $774,296 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Dentons sold the home for $455,000 on Jan. 10, or an estimated $329,296 less than the original purchase price, in today's dollars.
The Dentons originally listed the home for $574,900 in June 2018. They dropped the price in July, August and October 2018 to $549,900, $524,900 and $499,900, respectively. It was last listed for sale in November 2018 at $485,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Dentons paid $123,826 in property taxes between 2006 and 2017, or about 27 percent of the sale price.
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.
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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 |
| $590,000 | $455,000 | $123,826 |
