Market Watch: Franklin Park homeowner pays 23 percent of sale price toward property taxes
The home: 3037 Gustav St., Franklin Park
The 1,500-square-foot home has 4 bedrooms, 3 baths, an in-law arrangement, a breakfast bar, den, pantry and plenty of storage.
The seller: Gonzalo Martinez
The purchase: In September 2006, Martinez paid $325,000 for the home, or approximately $403,185 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In September 2006, Martinez paid $325,000 for the home, or approximately $403,185 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Martinez sold the home for $315,000 on March 7, or an estimated $88,185 less than the original purchase price, in today's dollars.
Martinez originally listed the home in August 2018 for $324,800 and lowered the price in October 2018 to $320,850. It was last listed in December 2018 at $319,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Martinez paid $72,523 in property taxes between 2007 and 2017, or about 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.
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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 |
| $325,000 | $315,000 | $72,523 |
