Market Watch: Libertyville homeowners lose more than $553,000 on sale
The home: 2180 Irene Lane, Libertyville
The 4,395-square-foot home has 4 bedrooms, 5 baths, a 3-car garage, hardwoods, a two-story wall of windows with scenic views, an office, a bridal staircase, a screened-in porch, backyard brick patio and finished English basement with a recreation room.
The seller: Karen Thunga (Trustee)
The purchase: In January 2005, Thunga paid $950,000 for the home, or roughly $1.27 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In January 2005, Thunga paid $950,000 for the home, or roughly $1.27 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Thunga sold the home for $720,000 on April 22, or approximately $553,049 less than the original purchase price, in today's dollars.
Thunga originally listed the home for $850,000 in May 2018. She dropped the price in July, August and October 2018 to $825,000, $800,000 and $775,000, respectively. In February, the home was listed at $750,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Thunga paid $195,746 in property taxes between 2008 and 2017, or about 27.19 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 |
| $950,000 | $720,000 | $195,746 |
