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Market Watch: Gary & Linda Baer lose over $86,000 on sale of Oswego home

The home: 531 Arbor Lane, Oswego

The 2,744-square-foot home has 4 bedrooms, 4 baths, an attached 2-car garage, a wet bar, fireplace, hardwoods, high ceilings, and a porch and deck with scenic pond views.

The seller: Gary & Linda Baer

The purchase: In May 2010, the Baers paid $375,000 for the home, or roughly $432,637 in today's dollars, according to the U.S. Bureau of Labor Statistics

The purchase: In May 2010, the Baers paid $375,000 for the home, or roughly $432,637 in today's dollars, according to the U.S. Bureau of Labor Statistics

The sale: According to Zillow, the Baers sold the home for $346,000 on March 18 or approximately $86,637 less than the original purchase price, in today's dollars.

The Baers originally listed the home for $349,900 in January.

The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Baers paid $62,477 in property taxes between 2011 and 2017, or an estimated 18.05 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 PriceAmount Home Sold for in 2019Seller’s Property Taxes

$375,000$346,000$62,477

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