Market Watch: Family trust pays more than a third of Palatine home's sale price toward taxes
The home: 1467 W. Autumn Rd., Palatine
The 2,466-square-foot home has 4 bedrooms, 4 baths, a 3-car garage, hardwoods, custom millwork, an upgraded kitchen, high-end appliances, a private master suite, a split floor plan, spacious dining and living rooms, a dog run, a fenced yard, and a new roof.
The seller: Barbara E. Tomasello (trustee), G. Tomasello Richard (trust), Richard G. Tomasello (trustee) and Barbara E. Tomasello (trust)
The purchase: In November 1999, the Tomasellos paid $403,500 for the home, or roughly $603,480 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In November 1999, the Tomasellos paid $403,500 for the home, or roughly $603,480 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Tomasellos sold the home for $475,000 on Jan. 19, or approximately $128,480 less than the original purchase price, in today's dollars.
The Tomasellos originally listed the home in mid-August 2018 for $550,000,but dropped the price by the end of the month to $529,500. They continued to drop the price in September, October and November to $519,900, $500,000 and $489,900, respectively.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Tomasellos paid $169,237 in property taxes between 2000 and 2017, or an estimated 35.63 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 |
| $403,500 | $475,000 | $169,237 |
