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Residential Sales <br />There were a total of 424 residential sales in Elk River that occurred between October 1, 2013 <br />and September 30, 2014. Of that number, 292 sales were considered `good' sales that were <br />included in the Department of Revenue Sales study for the 2015 assessment. The average sale <br />price was $207,214 with an average assessed value of $189,784. There were an additional 132 <br />`bad' sales that were not used. These were rejected for such reasons as foreclosures, sales to <br />relatives, and relocations. <br />Vacant Land/Lot Sales <br />There were 66 vacant land sales in 2014 with an average sale price of $39,400. This compares to <br />71 vacant land sales in 2013 with an average sale price of $32,200. <br />Residential Building Changes <br />Increases were made to raise the level of assessment. The house and garage building schedule <br />was increased by 7 %. <br />Residential Land Changes <br />Land values on existing homes were increased 7% to the base rates. <br />Rural Vacant Land: Base rates are unchanged, ($4100 to $4500 per acre). <br />Ag Building Changes <br />Ag house and garage increased 7% with the residential building schedule. <br />Apartments <br />Elk River has 39 Apartment projects with 1214 apartment units. A new 52 unit apartment <br />building, Coachman Ridge, was started in 2014. When this is completed Elk River will have 40 <br />apartment projects with a total of 1266 units. The overall change for apartments increased <br />4.18 %. <br />