Market Watch: William Austell loses over $71,000 on sale of Peotone home
The home: 301 E. Wilson St., Peotone
The 1,300-square-foot home has 4 bedrooms, 2 baths, a 1-car garage, a deck, porch, hardwoods and a basement.
The seller: William C. Austell
The purchase: In June 2007, Austell paid $190,000 for the home, or roughly $231,811 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In June 2007, Austell paid $190,000 for the home, or roughly $231,811 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Austell sold the home for $159,900 on May 7, or approximately $71,911 less than the original purchase price, in today's dollars.
Austell originally listed the home in July 2018 for $174,500 and dropped the price in August 2018 to $169,000. In March, the price was lowered again to $159,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Austell paid $39,236 in property taxes between 2008 and 2017, or about 24.54 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 |
| $190,000 | $159,900 | $39,236 |
