Market Watch: Homeowners lose over $144,000 on Orland Park 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: 17541 Karli Lane, Orland Park
The 4,048-square-foot home has four bedrooms and five baths, including a beautifully tiled master bathroom with a claw-foot tub and separate shower stall. There's a first-floor laundry room, finished basement and an in-ground pool.
The seller: Donna B. Keane and Raymond Keane
The purchase: In May 2006, the Keanes paid $636,000 for the home, or approximately $780,057 in today's dollars.
The sale: According to Zillow, the Keane home was sold for $535,000 on Jan.1, or roughly $144,000 less than the original purchase price, in today's dollars.
Originally, the home was listed for $619,000 in May 2018. The price continued to drop until it was last listed at $535,000 in December.
The property taxes: The Keanes paid $132,474 in property taxes while owning the home, or 25 percent of the sale price.