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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, 2019 to September 30, 2020 were used to determine the <br />Estimated Market Value for the January 2, 2021 Assessment. The Minnesota Department of <br />Revenue requires the Assessor to maintain a ratio of 90% to 105%. The final sales ratio for the <br />2021 assessment is 95.30%. <br />Residential Sales <br />There was a total of 679 residential sales in Elk River that occurred between October 1, 2019 and <br />September 30, 2020. Of that number, 392 sales were considered "good" sales that were included <br />in the Department of Revenue Sales study for the 2021 assessment. The average sale price was <br />$292,379 (increase of 13% from last year) with an average assessed value of $267,452, An <br />additional 287 sales were not used. These were rejected for such reasons as new <br />construction/physical change, foreclosures/bank sales, and sales between related parties. <br />Vacant Land/Lot Sales <br />There were 12 "good" vacant land/lot sale transactions from October 1, 2019-September 30, <br />2020. This included a 9.7 acre unplatted residential site and 11 platted lots ranging in size from <br />.28 to 2.19 acres. The sales ratio for residential vacant land sales was 67.5%. <br />There were 10 new plats recorded in 2020. <br />Residential Building Changes <br />Increases were made to the house schedule to raise the level of assessment. hollowing the market <br />indications, most homes received a 4% increase and "executive" level homes received an <br />increase or 2% or less. <br />Residential Land Changes <br />Base rates for residential lots/I" acre were increased 5%. Base rate for additional acres were <br />increased 25% for high ground and 50% for low land. Neighborhood modifiers were reviewed <br />city wide and inequities were addressed through upward or downward adjustments. <br />Rural Vacant Land changes included 11 % increase to tillable land and 20% increase for low <br />land. <br />Ag Building Changes <br />Ag house and garage increases followed the residential building schedule. <br />