Market Watch: George & Judith Thompson lose over $156,000 on sale of Naperville 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: 6016 Rosinweed Lane, Naperville
The 2,813-square-foot home has 4 bedrooms, 4 baths, an open floor plan and gourmet kitchen.
The seller: George H. Thompson Jr. and Judith B. Thompson
The purchase: In May 2008, the Thompsons paid $575,000 for the home, or roughly $666,840 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Thompsons sold the home for $510,000 on Jan.11, or approximately $156,840 less than the original purchase price, in today's dollars.
The Thompsons originally listed the home for $510,000 on November 2018. They dropped the price later that month to $500,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Thompsons paid $112,246 in property taxes between 2008 and 2017, or 22 percent of the sale price.
The Financial Facts in Today’s Dollars
|Seller's Purchase Price||Amount Home Sold for in 2019||Seller’s Property Taxes|