Market Watch: Ronald & Annette Palo lose over $116,000 on sale of Rockford home
The home: 10912 Creekview Point, Rockford
The 2,001-square-foot home has 4 bedrooms, 3 baths, a 3-car garage, vaulted ceilings, a fireplace, skylights, a large kitchen eating area with a desk, hardwoods, a finished walk-out basement, deck and is on 1.04 acres.
The seller: Ronald A. & Annette Q. Palo
The purchase: In December 2006, the Palos paid $315,000 for the home, or roughly $396,796 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In December 2006, the Palos paid $315,000 for the home, or roughly $396,796 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Palos sold the home for $280,000 on April 18, or about $116,796 less than the original purchase price, in today's dollars.
The Palos originally listed the home for $279,900 in April.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Palos paid $31,017 in property taxes between 2013 and 2017, or approximately 11.08 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 |
| $315,000 | $280,000 | $31,017 |
