Market Watch: Joseph Thompson loses over $40,000 on sale of Belvidere 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: 306 W. Hurlbut Ave., Belvidere
The 2,622-square-foot home has 4 bedrooms, 2 baths, a fireplace and an all-season room.
The seller: Joseph G. Thompson
In July 2017, Thompson was charged with disseminating child pornography, according to the Belvidere Police Department. He is currently in custody at the Boone County Jail awaiting trial and the house was in foreclosure at the time of the sale.
The purchase: In August 2016, Thompson paid $127,000 for the home, or roughly $132,475 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Thompson sold the home for $89,000, or an estimated $43,475 less than the original purchase price, in today's dollars.
Thompson originally listed the home in June 2018 for an undisclosed amount. In October 2018, the home was listed at $101,176 and by December the price dropped to $75,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Thompson paid approximately $7,333 in property taxes between 2016 and 2017, or 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|