Market Watch: Scott & Tamara Wiley lose over $285,000 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: 2904 Old Glory Drive, Yorkville
The 3,570-square-foot home has 4 bedrooms, 3 baths, a double-sided fireplace and an open floor plan.
The seller: Scott A. and Tamara K. Wiley
The seller: Scott A. and Tamara K. Wiley
The purchase: In March 2006, the Wileys paid $487,500 for the home, or roughly $614,162 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Wileys sold the home for $328,500 on Feb. 22, or about $285,662 less than the original purchase price, in today's dollars.
The Wileys originally listed the home for $339,900 in October 2018 and dropped the price in January to $329,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Wileys paid $47,941 in property taxes between 2013 and 2017, or an estimated 15 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 |
| $487,500 | $328,500 | $47,941 |
