Market Watch: William & Grazina Chatt lose over $167,000 on sale of Western Springs home
The home: 4604 Woodland Ave., Western Springs
The 1,649-square-foot home has 3 bedrooms, 2 baths, central air, a partial brick exterior and a detached 1-car garage. It was built in 1889.
The seller: William and Grazina Chatt
The purchase: In March 2005, the Chatts paid $465,000 for the home, or roughly $605,515 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In March 2005, the Chatts paid $465,000 for the home, or roughly $605,515 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Chatts sold the home for $438,000 on Feb. 25, or about $167,515 less than the original purchase price, in today's dollars.
The Chatts originally listed the home for $479,999 in May 2018 and lowered the price in July 2018 to $450,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Chatts paid $82,384 in property taxes between 2006 and 2017, or approximately 19 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.
---
The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $465,000 | $438,000 | $82,384 |
