Market Watch: Vernon Hill owners spend more than a third of home's sale price on property taxes
The home: 146 Colonial Drive, Vernon Hills
The 3,724-square-foot home has 5 bedrooms, 5 baths, an attached garage, a butler's pantry, a fireplace, plantation shutters, large windows, a soaking jacuzzi tub with separate shower in the master bath and a patio.
The seller: James A. & Barbara L. Marinaro
The purchase: In September 2003, the Marinaros paid $625,500 for the home, or roughly $858,549 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In September 2003, the Marinaros paid $625,500 for the home, or roughly $858,549 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Marinaros sold the home for $565,000 on March 18, or approximately $293,549 less than the original purchase price, in today's dollars.
The Marinaros originally listed the home for $639,000 in June 2018, but lowered the price in July 2018 to $599,000. The price dropped again in September 2018 to $584,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Marinaros paid $203,889 in property taxes between 2003 and 2017, or about 36.09 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 |
| $625,500 | $565,000 | $203,889 |
