Market Watch: Joan Paczkowski loses over $163,000 on sale of Niles home
The home: 8027 N. Ozanam Ave., Niles
The 1,550-square-foot bungalow has 5 bedrooms, 2 baths, a 2-car garage, a breakfast bar, a recreation room, stainless steel appliances, a utility room, storage galore and an abundance of natural light.
The seller: Joan K. Paczkowski
The purchase: In July 2006, Paczkowski paid $395,000 for the home, or roughly $493,414 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2006, Paczkowski paid $395,000 for the home, or roughly $493,414 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Paczkowski sold the home for $330,000 on April 17, or approximately $163,414 less than the original purchase price, in today's dollars.
Paczkowski originally listed the home for $459,000 in April 2008. She tried to rent the home in June 2014 for $2,400 per month. In May, July and August 2018, the sale price fluctuated to $384,900, $389,900 and $369,900, respectively. In October 2018, the home was priced at $344,900. In February and March, the home dropped to $359,000 and $345,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Paczkowski paid $71,942 in property taxes between 2006 and 2017, or about 21.8 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 |
| $395,000 | $330,000 | $71,942 |
