You can also sign-up for our newsletter. Receive weekly news & updates, sent directly to your inbox.

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 PriceAmount Home Sold for in 2019Seller’s Property Taxes

$365,000$335,000$73,024

More News