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Elk River Local Board of Appeal and Equalization <br /> <br />April 27, 2020 6:00 pm <br /> <br /> <br />Elk River Year End Summary – 2020 Assessment <br /> <br /> <br />Re-Assessment <br />Beth and Krista re-assessed 1858 single family homes, townhomes and condominiums. This <br />number meets our goal of re-assessing 20% of all residential properties each year. <br /> <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 /> <br /> <br />Permits <br />There were 117 permits issued for new single-family homes and townhomes. There were an <br />additional 268 permits issued for improvements to properties such as additions, decks and <br />basement finish. Improvements were measured, photos taken, and inspections were completed. <br /> <br /> <br />Residential Statistics 2019 2018 2017 <br />New Homes 117 163 113 <br />Improvement Permits 268 299 283 <br />Good Sales 351 399 404 <br />Bad Sales 273 146 147 <br />Total Sales 624 545 551 <br />Avg Sale Price $259,307 $256,328 $253,824 <br />Avg Assessed Value $250,459 $245,964 $233,396 <br />Beginning Sales Ratio 88.9% 87.02% 85.8% <br />Ending Sales Ratio 94.0% 92.67% 94.04% <br />Change Overall +5.61% +6.58% +9.6% <br />State Time Adjustment +5.75% +7.06% +7.74% <br />Apartment Sales 0 0 1 (24 unit) <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />