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Market Watch: Sheinkops pay 29% of Buffalo Grove home's sale price in taxes

The home: 2194 Brandywyn Lane, Buffalo Grove

The 3,110-square-foot home has 5 bedrooms, 4 baths, an updated kitchen with large cabinet space, stainless steel appliances, granite countertops, an office, finished basement with recreation room, new windows and a large yard with a fire pit.

The seller: Michael E. & Rachel S. Sheinkop

The purchase: In December 2005, the Sheinkops paid $723,500 for the home, or roughly $925,374 in today's dollars, according to the U.S. Bureau of Labor Statistics

The purchase: In December 2005, the Sheinkops paid $723,500 for the home, or roughly $925,374 in today's dollars, according to the U.S. Bureau of Labor Statistics

The sale: According to Zillow, the Sheinkops sold the home for $600,000 on March 11, or $325,374 less than the original purchase price, in today's dollars.

The Sheinkops originally listed the home in October 2018 for $638,900.  They dropped the price in November 2018 to $625,000.

The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Sheinkops paid $`174,230 in property taxes between 2005 and 2017, or about 29.04 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

$723,500$600,000$174,230

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