Market Watch: Verbans pay more than 29% of Bloomington home's sale price in property taxes
The home: 2 Northcrest Court, Bloomington
The 3,570-square-foot home has 5 bedrooms, 5 baths, 2-story entry, office/den area, eat-in kitchen, high ceilings, fireplace in the family room, Travertine flooring on the main level, finished basement and fenced backyard.
The seller: Emil M. Verban Jr. & Marisa Verban
The purchase: In April 2008, the Verbans paid $865,000 for the home, or approximately $1.02 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In April 2008, the Verbans paid $865,000 for the home, or approximately $1.02 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Verbans sold the home for $688,000 on Apr. 26, or $335,562 less than the original purchase price, in today's dollars.
The Verbans originally listed the home for a little over $1.07 million in May 2013 and lowered the price to a little over $1.04 million in August 2013. They dropped the price again in January 2016 to $899,900. In September, the price decreased twice to $850,000 and $750,000. In March 2017, they briefly raised the price to $785,000. The price dipped again in April 2018 to $779,000. In May, the price went down twice to $775,000 and $750,000 respectively. The home was priced at $699,900 by August.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Verbans paid $202,598 in property taxes between 2008 and 2017, or 29.45 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 |
| $865,000 | $688,000 | $202,598 |
