Market Watch: Springfield couple pay 13.93 percent of home's sale price toward property taxes
The home: 4400 Thyme Drive, Springfield
The 3,936-square-foot home has 4 bedrooms, 3.5 baths, a 3.5-car garage, a theater room with projection wall, a giant eat-in kitchen, a stone patio and family room with fireplace.
The seller: Rieha and Chandra Prakash
The purchase: In July 2012, the Prakashes paid $300,000 for the home, or roughly $329,604 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2012, the Prakashes paid $300,000 for the home, or roughly $329,604 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Prakashes sold the home for $280,000 on March 6, or an estimated $49,604 less than the original purchase price, in today's dollars.
The Prakashes originally listed the home for $319,000 in August 2018 and lowered the price in September 2018 to $309,900. It was last listed in October 2018 for $300,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Prakashes paid $39,014 in property taxes between 2013 and 2017, or about 13.93 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 |
| $300,000 | $280,000 | $39,014 |
