Market Watch: 25% of Deerfield home's sale price goes toward property taxes
The home: 88 Mulberry East Road, Deerfield
The 2,900-square-foot home has 4 bedrooms, 4 baths, a 2-car garage, hardwoods throughout the entire first floor, an eat-in kitchen, white kitchen cabinets, a glass backsplash, a wood-burning fireplace, master suite with tray ceilings and a finished basement with a recreation room.
The seller: Melissa & Ben Tesler
The purchase: In January 2005, the Teslers paid $565,500 for the home, or about $753,808 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In January 2005, the Teslers paid $565,500 for the home, or about $753,808 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Teslers sold the home for $542,000, or approximately $211,808 less than the original purchase price, in today's dollars.
The Teslers originally listed the home for $575,000 in December 2018 and lowered the price in January to $559,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Teslers paid $137,958 in property taxes between 2005 and 2017, or about 25.45 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 |
| $565,500 | $542,000 | $137,958 |
