Market Watch: Palatine homeowners lose over $125,000 on the sale
The home: 1237 N. Lakeview Drive, Palatine
The 3,199-square-foot home has 5 bedrooms, 4 baths, a 2-story foyer, eat-in kitchen, vaulted ceilings, a fireplace in the family room, a first-floor office, a powder room, a jacuzzi in the master suite, a deck and a gazebo.
The seller: R. Lersch Ronald (Trust), Ronald R. Lersch (Trustee)
The purchase: In June 2015, Lersch paid $625,000 for the home, or roughly $669,287 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In June 2015, Lersch paid $625,000 for the home, or roughly $669,287 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Lersch sold the home for $543,750 on May 24, or approximately $125,537 less than the original purchase price, in today's dollars.
Lersch listed the home for $560,000 in late March.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Lersch paid $51,988 in property taxes between 2015 and 2017, or about 9.56 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 |
| $625,000 | $543,750 | $51,988 |
