Market Watch: Matthew & Lori Sloan pay 20.9% of Lake Zurich's home sale price in taxes
The home: 285 Hidden Creek Road, Lake Zurich
The 2,512-square-foot home has 4 bedrooms, 3 baths, a 2-story deck, high ceilings, an interconnected living room and dining room, updated kitchen with backsplash, granite countertops, a huge recreation room, a master bath with jet tub, a new powder room and plenty of storage.
The seller: Matthew P. & Lori M. Sloan
The purchase: In June 2007, the Sloans paid $493,000 for the home, or roughly $595,597 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In June 2007, the Sloans paid $493,000 for the home, or roughly $595,597 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Sloans sold the home for $412,000 on Feb.20, or about $183,597 less than the original purchase price, in today's dollars.
The Sloans originally listed the home in August 2018 for $465,000, but lowered the price in September to $459,999. In October and November 2018, they continued to lower the price to $458,000 and $449,000, respectively.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Sloans paid $86,103 in property taxes between 2008 and 2017, or an estimated 20.9 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 |
| $493,000 | $412,000 | $86,103 |
