Market Watch: Whitacres pay almost 22% of Lake Zurich home's sale price in taxes
The home: 280 Hanbury Drive, Lake Zurich
The 2,598-square-foot home has 3 bedrooms, 3 baths, a 2-car garage, a 2-story foyer with a cathedral ceiling, maple floors, gourmet kitchen with granite countertops, stainless steel appliances, a walk-in closet in the master suite, master bath with soaking tub and a gorgeous fireplace in the family room.
The seller: David B. & Tammy E. Whitacre
The purchase: In March 2009, the Whitacres paid $365,000 for the home, or about $436,200 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In March 2009, the Whitacres paid $365,000 for the home, or about $436,200 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Whitacres sold the home for $335,000 on March 29, or approximately $101,200 less than the original purchase price, in today's dollars.
The Whitacres originally listed the home for $439,900 in January 2018. They lowered the price twice in March 2018 to $429,900 and $427,900. In April, May and July 2018, they continued to drop the price to $422,900, $417,900 and $411,000, respectively. In August 2018, the price fell to $389,000. In September 2018, it was lowered to $375,000 and then $365,000. In October and November 2018, the price continued to plummet to $349,000 and $339,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Whitacres paid $73,024 in property taxes between 2009 and 2017, or roughly 21.8 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.
---
The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $365,000 | $335,000 | $73,024 |
