Market Watch: Lorenzo Rios loses over $113,000 on sale of Palos Park home
The home: 12928 E. Tanglewood Circle, Palos Park
The 2,800-square-foot home has 4 bedrooms, 3 baths, oak flooring on the main levels, alarge family room with a cozy fireplace and a deck off the kitchen that leads to a tranquil backyard.
The seller: Lorenzo Rios
The purchase: In November 2004, Rios paid $357,000 for the home, or roughly $470,477 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In November 2004, Rios paid $357,000 for the home, or roughly $470,477 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Rios sold the home for $322,500 on Feb.12, or approximately $113,477 less than the original purchase price, in today's dollars.
Rios originally listed the home for $364,900 in April 2017 and dropped the price in May 2017 to $359,900. He changed the price three times in June 2017 to $359,877, $354,900 and $349,900. The price was lowered again in November 2018 to $339,997.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Rios paid $72,578 in property taxes between 2005 and 2017, or 20 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 |
| $357,000 | $322,500 | $72,578 |
