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Ui <br /> W <br /> O ..\ "1‘10/r/ <br /> 4011 City of <br /> Elk --...--, , <br /> River <br /> E13065 Orono Parkway - <br /> V Elk River,MN 55330 <br /> Taxes <br /> • <br /> Tax Capacity Rates 2004 Elk River Tax Rate Estimates <br /> Year Total Rate* City Rate <br /> 2004 estimate 124.376 43.734 School District 728 32.709% <br /> 2003 134.939 44.614 City of Elk River 43.734% <br /> 2002 139.799 43.600 <br /> 2001 128.544 30.596 Sherburne County 45.206% <br /> 2000 119.448 30.248 Cit EDA&HRA 2.727% <br /> Total Rate 124.376* <br /> Commercial/Industrial Taxes: <br /> - Minnesota real estate taxes are based on fair market value estimates. Tax capacity times the tax rate equals <br /> property taxes.Tax capacity is the value of the property under $150,000 times 1.5%plus any value over <br /> $150,000 times 2.0%. <br /> z 7btal tax rates do not include Market Value School Excess Levy Referendum estimated rate of 0.07598%and state tax of 54.000% <br /> 2004 City General Fund Budget:$7,875,400 <br /> City Bond Rating: A-2 Moody's <br /> Housing and Development <br /> New Residential Construction Value New Commercial/Industrial Construction Value <br /> $87,101,347 <br /> 40M- <br /> 60M- <br /> 30M- <br /> $38,613,568 $41,877967 $41,501,578 $23,920,652 <br /> 40M- <br /> $25 690,122 20M- <br /> lOM- $8,118,842 <br /> 20M' $4,529366 $6,341,570 $5,224,891 <br /> 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 <br /> Source: City of Elk River Building and Environmental Department Source.' City of Elk River Building and Environmental Department <br /> New Housing Units Home Sales. <br /> Year Total Units Single Family Year # Sold Mean Price Median Price <br /> 2003 546 285 2003 364 $210,976 $195,950 <br /> 2002 224 183 2002 313 195,367 210,500 <br /> 2001 256 163 <br /> 2000 284 172 2001 300 175,149 167,650 <br /> 1999 205 177 2000 253 156,951 129,900 <br /> Source: City of Elk River Building and Environmental Department Source: Sherburne County Assessors Office <br />