Market Watch: Mykl & Stefanie Howard lose over $41,000 on sale of Elgin home
The home: 474 Mooresfield St., Elgin
The 4,069-square-foot home has 5 bedrooms, 4 baths, a 3-car garage, professional landscaping, a gourmet kitchen with breakfast bar, crown molding, a finished basement, a walk-in rain shower, luxurious walk-in closets and a fenced in backyard with a fire pit.
The seller: Mykl and Stefanie Howard
The purchase: In June 2016, the Howards paid $440,000 for the home, or roughly $459,522 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In June 2016, the Howards paid $440,000 for the home, or roughly $459,522 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Howards sold the home for $418,000 on March 1, or about $41,522 less than the original purchase price, in today's dollars.
The Howards originally listed the home in August 2018 for $499,500 and lowered the price in September 2018 to $489,000. At the beginning of October 2018, they lowered the price again to $479,000; and by the end of the month, the price decreased to $464,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Howards paid $12,302 in property taxes in 2017, or approximately 3 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 |
| $440,000 | $418,000 | $12,302 |
