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Elk River Local Board of Appeal and Equalization <br />April 10, 2017 6:00 pm <br />Elk River Year End Summary — 2017 Assessment <br />Re -Assessment <br />Cindy and Beth re -assessed 1,429 single family properties. Peter and Beth re -assessed 310 <br />townhouse and condominium properties. There were a total of 1,739 residential properties re- <br />assessed during 2016. This number meets our goal of re -assessing 20% of all residential <br />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 63 permits issued for new single family homes and 12 for new townhomes. There <br />were an additional 244 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 />New Homes <br />Improvement Permits <br />Good Sales <br />Bad Sales <br />Total Sales <br />Ave Sale Price <br />Ave Assessed Value <br />Beginning Sales Ratio <br />Ending Sales Ratio <br />Change Overall <br />State Time Adjustment <br />Apartment Sales <br />2016 <br />2015 <br />2014 <br />63 <br />74 <br />68 <br />244 <br />203 <br />177 <br />346 <br />386 <br />292 <br />136 <br />108 <br />132 <br />553 <br />494 <br />424 <br />$224,856 <br />$219,375 <br />$207,214 <br />$210,771 <br />$204,140 <br />$189,815 <br />88.4% <br />89.3% <br />85.9% <br />93.4% <br />93.7% <br />92.2% <br />+5.7% <br />+4.92% <br />+6.09% <br />5.19% <br />4.7% <br />8.06% <br />3 (4, 6, 80 unit) <br />3 (4, 24, 30 unit) <br />1 (30 unit) <br />