Market Watch: Frank & Gina Barrett pay 55.84% of St. Charles home's sale price in property taxes
The home: 4401 Royal Fox Drive, St. Charles
The 4,844-square-foot home has 5 bedrooms, 6 baths, a 3-car garage, French doors, vaulted ceilings, a gourmet kitchen with stainless appliances, granite countertops,a master suite with lounge area and dressing room, a basement recreation room, a large deck with seating areas built-in fire pit, a waterfall and 2 ponds.
The purchase: In July 2006, the Barretts paid $860,000 for the home, or roughly $1.06 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Barretts sold the home for $610,000 on March 25, or approximately $453,746 less than the original purchase price, in today's dollars.
The sale: According to Zillow, the Barretts sold the home for $610,000 on March 25, or approximately $453,746 less than the original purchase price, in today's dollars.
The Barretts originally listed the home for $749,900 in June 2016, but lowered the price in August 2016 to $739,900. The price was lowered again in October 2016 to $729,900. In January, April, July and August 2017, the price continued to plummet to $719,900, $700,000, $699,900 and $699,800, respectively. In February and June 2018, the price dropped to $679,800 and $664,800, respectively. In December 2018, the price plunged to $625,000. It was last listed in February at $610,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Barretts paid $340,637 in property taxes between 2007 and 2017, or about 55.84 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 |
| $860,000 | $610,000 | $340,637 |
