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��Cu+ <br />Elk River L®eall Honird of AppeaH and IEquaHzalio n <br />April Il Il, 2016 6;00 pra <br />Elk River Year End Summary — 2016 Assessment <br />Re -Assessment <br />Cindy & Beth re -assessed 1,194 single family properties. In addition, they led a team of <br />appraisers and re -assessed an additional 825 single family properties in the older "Village of Elk <br />River". Greg and Peter re -assessed 324 townhouse and condominium properties. There were a <br />total of 2,343 residential properties re -assessed during 2015. The re -assessment exceeds our goal <br />of re -assessing 20% of all residential properties each year. <br />Letters were sent to re -assessment areas to inform the homeowners that their property would be <br />re -appraised. Drawings were updated, new photos taken, and inspections of homes were <br />completed. Depreciation was applied to buildings as necessary. Value was added for all <br />improvements that were not currently listed on the assessment. <br />Permits <br />There were 54 permits issued for new single family homes and 20 for new detached townhomes. <br />There were an additional 203 permits issued for improvements to properties such as additions, <br />decks and basement finish. Improvements were measured, photos taken, and inspections were <br />completed. <br />Residential Statistics <br />2015 <br />2014 <br />2013 <br />New Homes <br />74 <br />68 <br />87 <br />Improvement Permits <br />203 <br />177 <br />242 <br />Good Sales <br />386 <br />292 <br />208 <br />Bad Sales <br />108 <br />132 <br />213 <br />Total Sales <br />494 <br />424 <br />421 <br />Ave Sale Price <br />$219,375 <br />$207,214 <br />$205,524 <br />Ave Assessed Value <br />$204,140 <br />$189,815 <br />$190,281 <br />Beginning Sales Ratio <br />89.3 <br />85.9% <br />84.6% <br />Ending Sales Ratio <br />93.7 <br />92.2% <br />91.09% <br />Change Overall <br />+4.92 <br />+6.09% <br />+7.67% <br />State Time Adjustment <br />4.7 <br />8.06% <br />+8.4% <br />Apartment Sales <br />3 (4, 24, 30 unit) <br />1 (30 unit) <br />2 (8, 30 unit) <br />