Market Watch: Geneva homeowners' effective property tax rate was more than twice the national average
The home: 3341 Hillcrest Road, Geneva
The 4,829-square-foot home has 5 bedrooms, 3 baths, 3 parking spaces, a large island with separate breakfast area in the kitchen, custom cabinets, a stone patio, a curved stairway and a deck that leads to a walking path.
The seller: Rais Naeem & Farida Siddiqui Naeem
The purchase: In May 2018, the Naeems paid $440,000 for the home, or $440,216 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In May 2018, the Naeems paid $440,000 for the home, or $440,216 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Naeems sold the home for $430,000 on March 29, or $10,216 less than the original purchase price, in today's dollars.
The property taxes: According to Blockshopper, the Naeems paid $12,103 in property taxes for the 10 months that they owned the home, making their effective property tax rate -- or the percentage of the home’s value that is paid in property taxes each year -- 2.81 percent.
Across the nation, the average tax rate is 1.3 percent while in Illinois it averages 2.31 percent.
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 |
| $440,000 | $430,000 | $12,103 |
