Market Watch: Schaeffers pay more than 15% of Hinsdale home's sale price toward property taxes
The home: 423 N. Garfield Ave., Hinsdale
The 2,406-square-foot home has 4 bedrooms, 3 baths, double French doors leading to a cozy sunroom, a remodeled kitchen with stainless steel appliances, granite countertops, a walk-out roof deck in the master suite, plenty of closets for storage, a finished basement and laundry room with outside access.
The seller: Adam and Courtney Schaeffer
The purchase: In March 2008, the Schaeffers paid $718,000 for the home, or roughly $846,395 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In March 2008, the Schaeffers paid $718,000 for the home, or roughly $846,395 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Schaeffers sold the home for $650,000 on Jan. 31, or approximately $196,395 less than the original purchase price, in today's dollars.
The Schaeffers originally listed the home for $825,000 in June 2016. In July 2018, they re-listed the home for $779,000 and lowered the price at the end of the month to $749,999. In October 2018, the price dropped again to $699,999. It was last listed in December 2018 for $694,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Schaeffers paid $100,593 in property taxes between 2009 and 2017, or approximately 15.48 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 |
| $718,000 | $650,000 | $100,593 |
