Market Watch: More than 34% of Naperville home's sale price goes toward property taxes
The home: 1407 Bonnema Ave., Naperville
The 6,048-square-foot brick home has 6 bedrooms, 5.5 baths, an attached 3-car garage, a detached 2-car garage, detailed millwork, Brakur custom cabinets, a stone-surrounded gas fireplace in the family room, a first-floor office, a gas fireplace in the master suite, a finished basement with heated floors and a brick paver patio with a fire pit.
The seller: First State Bank & Trust Co. Palos Hills (Trustee)
The purchase: In August 2003, the home was purchased for $998,000, or roughly $1.37 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In August 2003, the home was purchased for $998,000, or roughly $1.37 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, First State Bank & Trust Co. Palos Hills sold the home for $895,000 on April 17, or $479,288 less than the original purchase price, in today's dollars.
The home was originally listed for sale in April 2018 for a little over $1.09 million. In May 2018, the price was dropped to $999,900. In June 2018, the home was on the market for $949,900. In September 2018, the price was lowered to $925,000
The property taxes: Based on data compiled from Blockshopper.com and Zillow, property taxes on the home between 2004 and 2017 were $308,353, or 34.45 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 |
| $998,000 | $895,000 | $308,353 |
