Market Watch: Moira Zinn & James Carlson of Evanston pay 18 percent of home's sale price on property taxes
The home: 717 Seward, Apt. 3E, Evanston
The 1,325-square-foot top-floor apartment has 3 bedrooms, 2 baths, a balcony, granite countertops, hardwoods, bathrooms with stone finishes and plenty of storage.
The seller: Moira J. Zinn and James D. Carlson
The purchase: In November 2006, Zinn and Carlson paid $325,000 for the home, or approximately $405,987 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In November 2006, Zinn and Carlson paid $325,000 for the home, or approximately $405,987 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Zinn and Carlson sold the home for $255,000 on Feb. 1, or approximately $150,987 less than the original purchase price, in today's dollars.
Zinn and Carlson originally listed the home in early April 2010 at $314,900 and dropped the price in the same month to $299,900. In May 2013, the home was up for rent at $2,000 per month. They put it back on the market in August 2018, priced at $269,000. It was last listed for sale in September 2018 for $255,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Zinn and Carlson paid $45,422 in property taxes between 2007 and 2017, or an estimated 18 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 | $255,000 | $45,422 |
