Market Watch: Springfield homeowner pays 21% of home's sale price in property taxes
The home: 2495 Arrowhead Drive, Springfield
The 2,354-square-foot home has 3 bedrooms, 2 baths, an attached garage, stone exterior, vaulted living room, a fireplace, a large eat-in kitchen, a recreation room, bar space, a partially finished basement, and fenced backyard with an in-ground pool and pool shed.
The seller: John R. Phillips
The purchase: In November 2009, Phillips paid $181,000 for the home, or roughly $212,686 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In November 2009, Phillips paid $181,000 for the home, or roughly $212,686 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Phillips sold the home for $145,000 on April 10, or $67,686 less than the original purchase price, in today's dollars.
Phillips originally listed the home in November 2018 for $159,900 and lowered the price in December 2018 to $152,900. The home was last listed for sale in January for $149,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Phillips paid $34,568 in property taxes between 2009 and 2017, or about 23.84 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 |
| $181,000 | $145,000 | $34,568 |
