3308 2nd Ave., McHenry | Zillow
3308 2nd Ave., McHenry | Zillow
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: 3308 2nd Ave., McHenry
The 725-square-foot home has 2 bedrooms, 1 bath and was built in 1945.
The seller: Raymond M. Bohne and Joanne M. Bohne
The purchase: In October 2006, the Bohnes paid $144,000 for the home, or roughly $179,274 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Bohnes sold the home for $120,000 on Jan.19, or an estimated $59,274 less than the original purchase price, in today's dollars.
The Bohnes originally listed the home for $145,000 in June 2018. They dropped the price in October 2018 to $139,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Bohnes paid $12,350 in property taxes between 2013 and 2017, or approximately 10 percent of the sale price.
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The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $144,000 | $120,000 | $12,350 |
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