Market Watch: John & Lynne Bellano lose over $427,000 on sale of Geneva home
The home: 611 Forest View Drive, Geneva
The 5,205-square-foot home has 5 bedrooms, 5 baths, extensive millwork, floor-to-ceiling windows, a 2-story stone fireplace, a sunroom, a bonus room, a playroom, a theater room, a billiards room, an exercise room, a custom bar, a stone patio, brick paver walkways and a hardwood deck. It is on a private lot with lush scenery surrounding the home.
The seller: John A. & Lynne M. Bellano
The purchase: In September 2008, the Bellanos paid $1.31 million for the home, or roughly $1.52 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In September 2008, the Bellanos paid $1.31 million for the home, or roughly $1.52 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Bellanos sold the home for a little over $1.09 million on May 1, or approximately $427,077 less than the original purchase price, in today's dollars.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Bellanos paid $132,620 in property taxes between 2013 and 2017, or roughly 12.11 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 |
| $1,310,000 | $1,095,000 | $132,620 |
