Market Watch: Eric Faulkner loses almost $50,000 on sale of Mahomet 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: 1612 Briarwood Lane, Mahomet
The 1,665-square-foot home has 3 bedrooms, 4 baths, a balcony deck with great views and geothermal heating and cooling.
The seller: Eric W. Faulkner
The purchase: In June 2016, Faulkner paid $455,000 for the home, or roughly $474,284 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Faulkner sold the home for $424,500, or approximately $49,784 less than the original purchase price, in today's dollars.
Faulkner originally listed the home for $475,000 in August 2017. He dropped the price in June, August and November of 2018 to $449,900, $439,900 and $437,500 respectively.
The property taxes: Based on data compiled from Zillow, Faulkner paid $11,895 in property taxes in 2017, or about 2.8 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|