Market Watch: Hopes pay 26.17% in property taxes on Hawthorn Woods home
The home: 16 Deerfield Dr., Hawthorn Woods
The 2,902-square-foot home has 4 bedrooms, 4 baths, a 1,518-square foot garage, a den, a recreation room, vaulted ceilings, a fireplace, a breakfast bar, a butler's pantry and a kitchen island.
The seller: John and Regina Hope
The purchase: In May 2007, the Hopes paid $617,500 for the home, or roughly $747,453 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In May 2007, the Hopes paid $617,500 for the home, or roughly $747,453 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Hopes sold the home for $465,000 on March 8, or approximately $282,453 less than the original purchase price, in today's dollars.
The Hopes originally listed the home in early November 2018 at $499,900. By the end of the month, they had lowered the price to $489,900. They dropped the price again in January to $474,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Hopes paid $121,689 in property taxes between 2008 and 2017, or an estimated 26.17 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 |
| $617,500 | $465,000 | $121,689 |
