Market Watch: Christopher & Rebecca Loyd lose over $38,000 on sale of Bradley 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: 259 S. La Salle Ave., Bradley
The 1,000-square-foot home has two bedrooms and one bath, one a double lot with a 120-square-foot shed.
The seller: Christopher J. and Rebecca K. Loyd
The purchase: In September 2006, the Loyds paid $96,000 for the home, or roughly $118,868 in today's dollars.
The sale: According to Zillow, the Loyds sold the home for $80,001 on Jan.14, or approximately $38,867 less than the original purchase price, in today's dollars.
The couple originally listed the home for $92,000 in October 2017. They lowered the price in December 2017 to $89,000.
The property taxes: The Loyds paid $9,391 in property taxes from 2013 to 2017, or 12 percent of the sale price.