Market Watch: Island Lake couple pays more than a third of home's sale price in property taxes
The home: 214 Island Drive, Island Drive
The 1,992-square-foot bayfront home has 2 bedrooms, 2 baths, a one-car garage, a wrap-around deck and water views on three sides.
The seller: Jerry A. Wallis & Nancy C. Howard-Wallis
The purchase: In April 2001, the Wallises paid $218,000 for the home, or roughly $310,193 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In April 2001, the Wallises paid $218,000 for the home, or roughly $310,193 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Wallises sold the home for $160,000 on March 15, or approximately $150,193 less than the original purchase price, in today's dollars.
The Wallises originally listed the home in June 2008 for $279,900. They dropped the price twice in September 2018 to $179,000 and $172,000. It was last listed in October 2018 for $160,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Wallises paid $54,480 in property taxes between 2010 and 2017, or an estimated 34.05 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 |
| $218,000 | $160,000 | $54,480 |
