Market Watch: Joseph & Denise Karbarz pay 30.22% of Bloomington home's sale price in taxes
The home: 1912 Dimmit Court, Bloomington
The 2,492-square-foot home has 4 bedrooms, 3.5 baths, a 3-car garage, Brazilian cherry wood floors, crown molding, a gourmet kitchen with granite counters, three gas fireplaces, a lower level with two family rooms, a wet bar and cedar deck with a fenced in backyard.
The seller: Joseph E. & Denise R. Karbarz
The purchase: In March 2006, the Karbarzes paid $390,000 for the home, or roughly $491,329 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In March 2006, the Karbarzes paid $390,000 for the home, or roughly $491,329 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Karbarzes sold the home for $340,000 on March 11, or approximately $151,329 less than the original purchase price, in today's dollars.
The Karbarzes originally listed the home in June 2010 for $399,900 and lowered the price in March 2011 to $389,900. They dropped the price again in July and September 2011 to $374,900 and $359,900, respectively. In April 2014, the home was listed at $399,900 and removed from the market. It was back on the market in March 2018 for $367,500 and dropped to $349,900 four months later.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Karbarzes paid $102,737 in property taxes between 2007 and 2017, or 30.22 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 |
| $390,000 | $340,000 | $102,737 |
