Market Watch: Richard & Vallie Eden lose almost a third of Springfield home's sale price to taxes
The home: 3709 Ginger Creek Drive, Springfield
The 4,400-square-foot brick home has 4 bedrooms, 5 baths, a 3-car garage, a first-floor office with built-in bookcases, crown molding, refinished hardwoods, a gorgeous curved staircase, white kitchen cabinets, a statement fireplace in the family room, a finished lower level and a luxurious in-ground pool. The home is the largest lake lot in the prestigious Cobblestone subdivision.
The seller: Richard T. & Vallie D. Eden
The purchase: In August 2007, the Edens paid $465,000 for the home, or roughly $568,514 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In August 2007, the Edens paid $465,000 for the home, or roughly $568,514 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Edens sold the home for $315,000 on March 19, or about $253,514 less than the original purchase price, in today's dollars.
The Edens originally listed the home for $397,000 in September 2018, but dropped the price that same month to $379,000. They lowered the price again in October and November 2018 to $369,000 and $364,900, respectively. The price dipped again in January to $349,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Edens paid $98,836 in property taxes between 2007 and 2017, or roughly 31.38 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 |
| $465,000 | $315,000 | $98.836 |
