Market Watch: Thomas & Betty Hibbs lose $96,000 on sale of Frankfort home
The home: 21158 Plank Trail Court, Frankfort
The 2,700-square-foot home has 3 bedrooms, 3 baths, a 2-car garage, a fireplace, vaulted ceilings, a recreation room, utility room, stainless appliances and a deck.
The seller: Thomas & Betty Hibbs
The purchase: In October 2004, the Hibbs paid $290,000 for the home, or $386,163 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In October 2004, the Hibbs paid $290,000 for the home, or $386,163 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Hibbs sold the home for $277,000 on April 12, or $96,163 less than the original purchase price, in today's dollars.
The Hibbs originally listed the home in August 2018 for $320,000. They lowered the price three times in November 2018 to $309,000, $299,000 and $290,000. In December 2018, they dropped the price again to $285,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Hibbs paid $59,141 in property taxes between 2008 and 2017, or about 20.39 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 |
| $290,000 | $277,000 | $59,141 |
