Market Watch: Gregory & Mary Foertsch pay 27 percent of Chicago home's sale price in property taxes
The home: 3935 W. 106th St., Chicago
The 920-square-foot home has 3 bedrooms, 2 baths, a 2-car garage, vaulted ceilings, an eat in kitchen with an island and is located on a corner lot.
The seller: Gregory and Mary Foertsch
The purchase: In August 2004, the Foertsches paid $225,000 for the home, or approximately $298,866 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In August 2004, the Foertsches paid $225,000 for the home, or approximately $298,866 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Foertsches sold the home for $169,000 on Feb. 5, or roughly $129,866 less than the original purchase price, in today's dollars.
The Foertsches originally listed the home in early September 2008 for $264,900 and lowered the price in the same month to $254,900. In October 2008, the price dropped again to $249,900. The home was re-listed in December 2018 at $175,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Foertsches paid $46,250 in property taxes between 2006 and 2017, or 27 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 |
| $225,000 | $169,000 | $46,250 |
