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Elk River Local Board of Appeal and Equalization <br />April 12, 2021 6:00 pm <br />Elk River Year End Summary — 2021 Assessment <br />Re -Assessment <br />Beth and Krista re -assessed 1899 single family homes, townhomes and condominiums. This <br />number meets our goal of re -assessing 20% of all residential properties each year. <br />Due to COVID-19, no field work was done for reassessment. We worked with our new aerials <br />with pictometry and any other information available on properties to aid in review. We did <br />physically examine the exterior of any new improvements. <br />Perm its <br />There were 113 permits issued for new single-family homes and townhomes. There were an <br />additional 326 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 />2020 <br />2019 <br />2018 <br />New Homes <br />113 <br />117 <br />163 <br />Improvement Permits <br />326 <br />268 <br />299 <br />Good Sales <br />392 <br />351 <br />399 <br />Bad Sales <br />287 <br />273 <br />146 <br />Total Sales <br />679 <br />624 <br />545 <br />Avg Sale Price <br />$292,379 <br />$259,307 <br />$256,328 <br />Avg Assessed Value <br />$267,452 <br />$250,459 <br />$245,964 <br />Beginning Sales Ratio <br />88.2% <br />88.9% <br />87.02% <br />Ending Sales Ratio <br />95.3% <br />94.0% <br />92,67% <br />Change Overall <br />+7.2% <br />+5.61% <br />+6.58% <br />State Time Adjustment <br />+6.26% <br />+5.75% <br />+7,06% <br />Apartment Sales <br />0 <br />0 <br />0 <br />