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4a& <br />q[a<<g <br />Elk River Local Board of Appeal and Equalization <br />April 9, 2018 6:00 pm <br />Elk River Year End Summary — 2018 Assessment <br />Re -Assessment <br />Beth and Krista re -assessed 1,598 single family properties. Beth, Krista and Greg re -assessed <br />318 townhome and condominium properties. There were a total of 1,916 residential properties <br />re -assessed during 2017. 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 -assessed. 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 113 permits issued for new single family homes and townhomes. There were an <br />additional 283 permits issued for improvements to properties such as additions, decks and <br />basement finish. Improvements were measured, photos taken, and inspections were completed. <br />Residential Statistics <br />New Homes <br />Improvement Permits <br />Good Sales <br />Bad Sales <br />Total Sales <br />Avg Sale Price <br />Avg Assessed Value <br />Beginning Sales Ratio <br />Ending Sales Ratio <br />Change Overall <br />State Time Adjustment <br />Apartment Sales <br />2017 <br />113 <br />283 <br />404 <br />147 <br />551 <br />$253,824 <br />$233,396 <br />85.8% <br />94.04% <br />+9.6% <br />7.74% <br />1 (24 unit) <br />2016 <br />63 <br />244 <br />346 <br />136 <br />553 <br />$224,856 <br />$210,771 <br />88.4% <br />93.4% <br />+5.7% <br />5.19% <br />3 (4, 6, 80 unit) <br />2015 <br />74 <br />203 <br />386 <br />108 <br />494 <br />$219,375 <br />$204,140 <br />89.3% <br />93.7% <br />+4.92% <br />4.7% <br />3 (4, 24, 30 unit) <br />