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.
---
The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $723,500 | $600,000 | $174,230 |
