Market Watch: Jason & Colleen Pagnotta lose over $78,000 on sale of Barrington home
The home: 763 Division St., Barrington
The 2,940-square-foot home has 5 bedrooms, 5 baths, a 2-car garage, a brick driveway, a full finished basement and plantation shutters throughout.
The seller: Jason and Colleen Pagnotta
The purchase: In June 2011, the Pagnottas paid $586,000 for the home, or roughly $653,473 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In June 2011, the Pagnottas paid $586,000 for the home, or roughly $653,473 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Pagnottas sold the home for $575,000 on March 1, or approximately $78,743 less than the original purchase price, in today's dollars.
The Pagnottas originally listed the home in January 2018 at $745,000 and lowered the price in March 2018 to $724,900. In June and July 2018, they dropped the price again to $698,000 and $674,900, respectively. In November 2018, the price decreased to $649,000 and by December the price was listed at $625,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Pagnottas paid $73,717 in property taxes between 2012 and 2017, or about 13 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 |
| $586,000 | $575,000 | $73,717 |
