Market Watch: Magdalena Walkowiak loses over $70,000 on sale of Elgin townhome
The home: 814 Millcreek Circle, Elgin
The 1,750-square-foot tri-level townhome has 2 bedrooms, 2 baths, a 2-car garage, vaulted ceilings, skylights, a fireplace, an eat-in kitchen, a loft, a finished walk-out lower level and a recreation room.
The seller: Magdalena Walkowiak
The purchase: In September 2008, Walkowiak paid $217,000 for the home, or $252,130 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In September 2008, Walkowiak paid $217,000 for the home, or $252,130 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Walkowiak sold the home for $182,000 on May 6, or approximately $70,130 less than the original purchase price, in today's dollars.
Walkowiak originally listed the home for rent at $1,690 per month in July 2017 and raised the rental price to $1,750 per month in October 2018. In December 2018, she lowered the rent to $1,695 per month. The home went on the market in March for $181,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Walkowiak paid $23,703 in property taxes between 2013 and 2017, or about 13.02 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 |
| $217,000 | $182,000 | $23,703 |
