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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, 2016 to September 30, 2017 were used to determine the <br />Estimated Market Value for the January 2, 2018 Assessment. The Minnesota Department of <br />Revenue requires the Assessor to maintain a ratio of 90% to 105%. The sales ratio for the 2018 <br />assessment is 93.4%. <br />Residential Sales <br />There were a total of 551 residential sales in Elk River that occurred between October 1, 2016 <br />and September 30, 2017. Of that number, 404 sales were considered `good' sales that were <br />included in the Department of Revenue Sales study for the 2018 assessment. The average sale <br />price was $253,824 with an average assessed value of $233,396. There were an additional 147 <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 43 vacant land/lot sale transactions in 2017. This included 5 large transactions of <br />land for new plats (River Park Meadows, Miske Meadows & Miske Meadows 2nd addition) and <br />30 sales of single family platted lots with an average sale price of $58,713. <br />Residential Building Changes <br />Increases were made to raise the level of assessment. The house and garage building schedule <br />was increased by an average of 9%. The study showed that split level homes were undervalued <br />and an additional 3% was added to the schedule for those building types. <br />Residential Land Changes <br />Land values on existing homes were increased 7.5% 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 was an increase of 1.65%. <br />