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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, 2014 to September 30, 2015 were used to determine the <br />Estimated Market Value for the January 2, 2016 Assessment. The Minnesota Department of <br />Revenue requires the Assessor to maintain a ratio of 90% to 105%. The sales ratio for the 2016 <br />assessment is 93.7%. <br />Residential Sales <br />There were a total of 494 residential sales in Elk River that occurred between October 1, 2014 <br />and September 30, 2015. Of that number, 386 sales were considered `good' sales that were <br />included in the Department of Revenue Sales study for the 2016 assessment. The average sale <br />price was $219,375 with an average assessed value of $204,140. There were an additional 108 <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 51 vacant land/lot sales in 2015. Of those, 42 were single family platted lots with an <br />average sale price of $48,825. <br />Residential Building Changes <br />Increases were made to raise the level of assessment. The house and garage building schedule <br />was increased by 5%. <br />Residential Land Changes <br />Land values on existing homes were increased 5% to the base rates. <br />Rural Vacant Land: Base rates are unchanged, $4100 to $4500 per acre, however the size tables <br />were re -instated. <br />The residential and rural vacant land wetland, lowland, pond and waste were increased to $1,000 <br />per acre based on sales activity and for consistency within the county. <br />Ag Building Changes <br />Ag house and garage increased 5% with the residential building schedule. <br />Apartments <br />With the completion of Coachman Ridge, Elk River now has 40 Apartment projects with a total <br />of 1266 units. The overall change for apartments increased 3.27%. <br />