Market Watch: Burr Ridge homeowners pay 35% of home's sale price in property taxes
The home: 1103 Burr Ridge Club, Burr Ridge
The 3,005-square-foot home has 4 bedrooms, 3 baths, hardwoods, dramatic 16-foot ceilings, walls of windows, plantation shutters, stainless steel appliances, cabinet space galore in the kitchen, a fully finished basement, a fireplace and private deck.
The seller: Gregory P. Pace Sr. & Mary J. Paisios (Trustee)
The purchase: In September 2001, John and Mary Paisios paid a little over $1.22 million for the home, or roughly $1.74 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In September 2001, John and Mary Paisios paid a little over $1.22 million for the home, or roughly $1.74 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Pace and Paisios sold the home for $800,000 on April 5, or approximately $946,480 less than the original purchase price, in today's dollars.
Pace and Paisios listed the home for $975,000 in March 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Pace and Paisios paid $280,647 in property taxes between 2001 and 2017, or about 35.08 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 |
| $1,225,000 | $800,000 | $280,647 |
