Market Watch: Mark & Jennifer Harrington lose over $121,000 on sale of McHenry home
The home: 4620 Joyce Lane, McHenry
The 2,250-square-foot home has 4 bedrooms, 3 baths, stainless appliances, a kitchen island, a pantry closet, a soaking tub and dual sinks.
The seller: Mark S. and Jennifer A. Harrington
The purchase: In June 2003, the Harringtons paid $255,970 for the home, or approximately $350,738 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In June 2003, the Harringtons paid $255,970 for the home, or approximately $350,738 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Harringtons sold the home for $225,000 on March 5, or an estimated $121,738 less than the original purchase price, in today's dollars.
The Harringtons originally listed the home in September 2018 for $239,900 and dropped the price in October 2018 to $234,900. It was last listed in January for $227,500.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Harringtons paid $53,647 in property taxes between 2010 and 2017, or 23 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 |
| $255,970 | $229,000 | $53,647 |
