Market Watch: Owners of Naperville home pay more than 37% of sale price in taxes
The home: 721 S. Julian St., Naperville
The 4,119-square-foot home has 4 bedrooms, 4 baths, crown molding, high ceilings, a 2-story family room, den, Brakur cherry cabinets, granite countertops, master suite with a sitting area, master bath with a steam shower, garden patio and multi-level brick paver patio.
The seller: Leonard S. Sherman (Trustee)
The purchase: In February 2002, Sherman paid $940,000 for the home, or roughly $1.35 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In February 2002, Sherman paid $940,000 for the home, or roughly $1.35 million in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Sherman sold the home for $825,000 on May 16, or approximately $526,000 less than the original purchase price, in today's dollars.
Sherman originally listed the home for $929,000 in July 2018. In August, November and December 2018, he dropped the price to $924,000, $899,000 and $897,0000, respectively. In February, the home was listed at $887,000. The price continued to drop twice in March, to $859,000 and $850,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Sherman paid $308,930 in property taxes between 2002 and 2017, or about 37.44 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 |
| $940,000 | $825,000 | $308,930 |
