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2013 Assessment <br /> Elk River Year End Summary <br /> Building Changes <br /> The Residential Building Schedule was expanded from 2000 sq ft to 3000 sq ft. <br /> The Garage Schedule was expanded from 700 sq ft to 2000 sq ft. <br /> Residential improvements were increased+5%using neighborhood modifiers. <br /> Town-homes and Condominiums: no change. <br /> Residential Land Changes <br /> Base Values on Bare Lots were lowered as much as 40%. <br /> Res. Sq Ft Rate down to 3.00 base from 3.15 to more closely match RS+RA methods. <br /> Rural Vacant Land: base rates down-10% to $4100/ac, and lowland down to $750/ac. <br /> Open Space Land: went down to $1700/ac and waste went down to $500/ac. <br /> Residential Pond and Wetland went to $1000/ac. <br /> Lowland and Waste went to $750/ac. <br /> Tax Forfeited Land Rem Acres @ 50% of base, or Platted Lot rates @ 25%. <br /> Ag Land Changes (40 acres and up) <br /> Woods went down from $4500 to $4100/ac, GA Woods went from$4500 to $4100/ac. <br /> Tillable went down from$4500 to $4000/ac, GA Till went from$3900 to $3750/ac. <br /> Pasture went down from $4500 to $4100/ac, GA Past went from $4500 to $2060. <br /> Waste stayed at $500/ac. <br /> Designated Wetlands went from $2500/ac to $500/ac. <br /> Other Statistics <br /> New Homes 37 <br /> Improvement Permits 200 <br /> Good Sales 137 <br /> Bad Sales 243 <br /> Total Sales 380 <br /> Ave Sale Price (good) $180,500 <br /> Ave Assessed Value (good) $172,400 <br /> Beginning Ratio 93% <br /> Ending Ratio 96.4% <br /> % Change +3.66% <br /> Conclusion <br /> It appears the Elk River Residential Market has bottomed out and is now on its way back <br /> up statistically. There is a low supply of listings in the area.A steady supply of <br /> Foreclosure property haunts the market. Vacant Land values are still relatively low and <br /> sales are sluggish. <br />