Market Watch: Hoffman Estates couple pays 35.5% of home's sale price in property taxes
The home: 3479 Regent Drive, Hoffman Estates
The 3,479-square-foot home has 4 bedrooms, 2.5 baths, an attached 2-car garage, a pantry closet, a wet bar, a recreation room, central air and a cozy living room fireplace.
The seller: Almira A. & Blaine C. Gilles
The purchase: In March 1996, the Gilles paid $414,000 for the home, or roughly $669,292 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In March 1996, the Gilles paid $414,000 for the home, or roughly $669,292 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Gilles sold the home for $415,000 on Jan. 9, or an estimated $254,292 less than the original purchase price, in today's dollars.
The Gilles originally listed the home for $469,900 in January 2018. In March, April, June and July 2018 the price dropped to $459,900, $454,900, $449,000 and $424,900, respectively. The price jumped up briefly in early October 2018 to $449,000. By the end of October, however, they dropped the price down to $435,000; and by November 2018, it was listed at $425,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Gilles paid $147,330 in property taxes between 2006 and 2017, or about 35.5 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 |
| $414,000 | $415,000 | $147,330 |
