Market Watch: David & Kelly Smith lose over $72,000 on sale of Momence home
The home: 122 E. Illinois St., Momence
The 1,196-square-foot home has 2 bedrooms, 2 baths, hardwood floors and an attached garage with room for 8 cars.
The seller: David L. & Kelly L. Smith
The purchase: In July 2006, the Smiths paid $130,000 for the home, or roughly $160,798 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2006, the Smiths paid $130,000 for the home, or roughly $160,798 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Smiths sold the home for $88,000 on Feb. 21, or approximately $72,798 less than the original purchase price, in today's dollars.
The Smiths originally listed the home in January 2015 at $154,900. They dropped the price in October 2018 to $99,900 and lowered it again in November 2018 to $91,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Smiths paid $16,045 in property taxes between 2013 and 2017, or about 18 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 |
| $130,000 | $88,000 | $16,045 |
