Market Watch: Chas & Kimberlee Self pay 7 percent of Downers Grove home's sale price in property taxes
The home: 5338 Meadow Lane, Downers Grove
The 4,042-square-foot home has 4 bedrooms, 3.5 baths, a 2-car garage, a recreation room, a bonus room, a walkout basement, a jetted tub, vaulted ceilings and a security system on 0.75 acres.
The seller: Chas & Kimberlee Self
The purchase: In February 2014, the Selfs paid $930,000 for the home, or roughly $997,066 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In February 2014, the Selfs paid $930,000 for the home, or roughly $997,066 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Selfs sold the home for $895,000 on March 1, or approximately $102,066 less than the original purchase price, in today's dollars.
The Selfs originally listed the home in January 2018 at $1.24 million and lowered the price in March 2019 to roughly $1.19 million. In April 2018, the price dropped again to $1.15 million; and in May 2018, they tried to rent the home for $5,300 per month. The home was back on the market for sale in early October 2018 listed at $1.14 million; and by mid-month, they dropped the price again to $1.09 million. It was last listed for sale in January at $950,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Selfs paid $61,118 in property taxes between 2015 and 2017, or 7 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 |
| $930,000 | $895,000 | $61,118 |
