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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, 2015 to September 30, 2016 were used to determine the <br />Estimated Market Value for the January 2, 2017 Assessment. The Minnesota Department of <br />Revenue requires the Assessor to maintain a ratio of 90% to 105%. The sales ratio for the 2017 <br />assessment is 93.4%. <br />Residential Sales <br />There were a total of 553 residential sales in Elk River that occurred between October 1, 2015 <br />and September 30, 2016. Of that number, 346 sales were considered `good' sales that were <br />included in the Department of Revenue Sales study for the 2017 assessment. The average sale <br />price was $224,856 with an average assessed value of $210,771. There were an additional 136 <br />`bad' sales that were not used. These were rejected for such reasons as foreclosuresibank sales, <br />sales to relatives, and relocations. <br />Vacant Land/Lot Sales <br />There were 61 vacant land/lot sales in 2016. Of those, 55 were single family platted lots with an <br />average sale price of $48,412. <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 5% 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 increases followed the residential building schedule. <br />Apartments <br />The overall change for apartments increased 6.93%. <br />