Market Watch: George & Sharon Davis lose over $34,000 on sale of Rockford home
The home: 41 Briar Lane, Rockford
The 1,978-square-foot home has 3 bedrooms, 2 baths, a remodeled 2nd floor, slate floors, walls of windows, a master with a walk-through closet in 3 separate sections, hydronic radiant heated floor system and a roof deck. The home was designed by famed Rockford architect Ed Ware and is on a 1-acre double lot.
The seller: George & Sharon Davis
The purchase: In July 2009, the Davises paid $148,000 for the home, or roughly $174,700 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2009, the Davises paid $148,000 for the home, or roughly $174,700 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Davises sold the home for $140,500 on April 9, or approximately $34,200 less than the original purchase price, in today's dollars.
The home sold for $170,000 in 2005.
The Davises originally listed the home for $145,000 in November 2018. By January, the price was down to $142,500.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Davises paid $24,069 in property taxes between 2013 and 2017, or about 17.13 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 |
| $148,000 | $140,500 | $24,069 |
