Market Watch: Chicago home in foreclosure has effective tax rate of 23.32 percent
The home: 9201 S. Perry Ave., Chicago
The 1,500-square-foot home was built in 1945. It has 4 bedrooms, 2 baths and comes with 2 parking spaces.
The seller: Dion Ell and Judicial Sales Corp.
The purchase: In November 2008, Ell paid $75,000 for the home, or $88,870 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In November 2008, Ell paid $75,000 for the home, or $88,870 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the home sold for $47,500 on Feb. 1, or $41,370 less than the original purchase price, in today's dollars.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Ell paid $11,076 in property taxes between 2009 and 2017, or 23.32 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 |
| $75,000 | $47,500 | $11,076 |
