Market Watch: Todd Rabourn loses over $14,000 on sale of Naperville home after owning it for a little over a year
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: 2260 River Woods Drive, Naperville
The 2,636-square-foot home has 4 bedrooms, 3 baths, a 3-car garage, a finished basement and is located in the popular Riverwoods subdivision.
The seller: Todd E. Rabourn
The purchase: In November 2017, Rabourn paid $510,000 for the home, or roughly $519,436 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Rabourn sold the home for $505,000 on Jan.11, or an estimated $14,436 less than the original purchase price, in today's dollars.
Rabourn originally listed the home for $429,900 in September 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Rabourn paid $10,029 in property taxes in 2017, or approximately 2 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|