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-I �Mulj (40 19 <br />Elk River Local Board of Appeal and Equalization <br />April 8, 2019 6:00 pen <br />Elk River Year End Summary — 2019 Assessment <br />Re -Assessment <br />Beth and Krista re -assessed 2036 single family homes, townhomes and condominiums. This <br />number meets our goal of re -assessing 20% of all residential 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 163 permits issued for new single-family homes and townhomes. There were an <br />additional 299 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 />2018 <br />2017 <br />2016 <br />New Homes <br />163 <br />113 <br />63 <br />Improvement Permits <br />299 <br />283 <br />244 <br />Good Sales <br />399 <br />404 <br />346 <br />Bad Sales <br />146 <br />147 <br />136 <br />Total Sales <br />545 <br />551 <br />553 <br />Avg Sale Price <br />$256,328 <br />$253,824 <br />$224,856 <br />Avg Assessed Value <br />$245,964 <br />$233,396 <br />$210,771 <br />Beginning Sales Ratio <br />87.02% <br />85.8% <br />88.4% <br />Ending Sales Ratio <br />92.67% <br />94.04% <br />93.4% <br />Change Overall <br />+6.58 <br />+9.6% <br />+5.7% <br />State Time Adjustment <br />+7.06% <br />+7.74% <br />+5.19% <br />Apartment Sales <br />0 <br />1 (24 unit) <br />3 (4, 6, 80 unit) <br />