Market Watch: Deborah Johnson loses over $354,000 on sale of West Chicago home
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.
The home: 4N340 Waterford Lane, West Chicago
The 4,576-square-foot home has four bedrooms and four baths on a lot that backs up to almost 1 acre of land.
The seller: Deborah E. Johnson
The purchase: In August 2006, Johnson paid $950,000 for the home, or $1.08 million in today's dollars.
The sale: According to Zillow, she sold the home for $2.75 million on Jan.11, or an estimated $354,395 less than the original purchase price, in today's dollars.
Johnson originally listed the home for $987,900 in June 2017. She dropped the price continuously until it was last listed at $769,900 in November 2018.
The property taxes: Johnson paid $161,997 in property taxes while owning the home, or approximately 22 percent of the sale price.