Market Watch: Libertyville homeowners pay more than 40% of home's sale price in property taxes
The home: 5660 River Park Dr., Libertyville
The 4,327-square-foot home has 5 bedrooms, 5 baths, a spiral oak staircase, crown molding, a white gourmet kitchen, Cambria countertops, a stone fireplace that overlooks the backyard, a sunroom, a wrap-around deck, a master bath with marble shower, a balcony and a finished basement. The gorgeous home is on a 0.92-acre private lot.
The seller: Matthew C. Edminston Co., Rhenea D. Culp Co., Culp Edminston (Trustees)
The purchase: In September 2004, Edminston and Culp paid $720,000 for the home, or roughly $963,799 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In September 2004, Edminston and Culp paid $720,000 for the home, or roughly $963,799 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the trustees sold the home for $680,000 on April 5, or approximately $283,799 less than the original purchase price, in today's dollars.
The trustees originally listed the home in January for $699,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Edminston and Culp paid $280,053 in property taxes between 2004 and 2017, or an astonishing 41.18 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 |
| $720,000 | $680,000 | $280,053 |
