Laserfiche WebLink
- arcj� <br />Elk River Local Board of Appeal and Equalization <br />April 13, 2015 6:00 pm <br />Elk River Year End Summary — 2015 Assessment <br />Re- Assessment <br />Kristi, Cindy and Greg re- assessed 1,933 properties out of 8,399 parcels, meeting our goal of <br />20% of the area. Letters were sent to re- assessment areas to inform the homeowners that their <br />property would be re- appraised. Drawings were updated, new photos taken, and inspections of <br />homes were completed. Depreciation was applied to buildings as necessary. Value was added <br />for all improvements that were not currently listed on the assessment. <br />Permits <br />There were 62 permits issued for new single family homes and 6 for new townhomes. There <br />were an additional 177 permits issued for improvements to properties such as additions, decks <br />and basement finish. Improvements were measured, photos taken, and inspections were <br />completed. <br />Residential Statistics <br />2014 <br />2013 <br />2012 <br />New Homes <br />68 <br />87 <br />37 <br />Improvement Permits <br />177 <br />242 <br />200 <br />Good Sales <br />292 <br />208 <br />137 <br />Bad Sales <br />132 <br />213 <br />243 <br />Total Sales <br />424 <br />421 <br />380 <br />Ave Sale Price <br />$207,214 <br />$205,524 <br />$180,500 <br />Ave Assessed Value <br />$189,815 <br />$190,281 <br />$172,400 <br />Beginning Sales Ratio <br />85.9% <br />84.6% <br />93.0% <br />Ending Sales Ratio <br />92.2% <br />91.09% <br />95.41% <br />Change Overall <br />+6.09% <br />+7.67% <br />+2.59% <br />State Time Adjustment <br />8.06% <br />+8.4% <br />none <br />Apartment Sales <br />1(30 unit) <br />2 (8, 30 unit) <br />3 (24, 54, 16 unit) <br />Sales Ratio Studies <br />Sales ratio studies compare the Assessor's Estimated Market Value to the sales price of the <br />property. Sales from October 1, 2013 to September 30, 2014 were used to determine the <br />Estimated Market Value for the January 2, 2015 Assessment. The Minnesota Department of <br />Revenue requires the Assessor to maintain a ratio of 90% to 105 %. The sales ratio for the 2015 <br />assessment is 92.2 %. <br />