Market Watch: Bhadresh and Nilesh Patel lose $18,000 on sale of Urbana 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: 406 Beringer Circle, Urbana
Overlooking the water, this 2,760-square-foot home has three bedrooms and three baths.
The seller: Bhadresh & Nilesh Patel
The purchase: In May 2014, the Patels paid $215,900 for the home, or $228,000 in today's dollars.
The sale: According to Zillow, the Patels sold the home for $210,000 on Jan.10, or $18,000 less than the original purchase price, in today's dollars.
The Patels originally listed the home for $249,000 in August 2018. The price dropped continuously until it was last at $215,000 in November 2018.
The property taxes: The Patels paid $29,831 in property taxes while owning the home, or 14.2 percent of the sale price.