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2022 City of Elk River <br />Local Board of Appeal and Equalization <br />April 11, 2022 <br />Sales from October 1, 2020, to September 30, 2021, were used to determine the estimated market <br />values for the 2022 assessment. Countywide there were 16 good sales of parcels over 34.5 acres <br />used in the study. The Agricultural time trend was 13.848%. The median ratio of these sales after <br />time trend was applied was 69.91%. Tillable and Pasture rates were increased by 50%. There <br />was no change to waste rates. The ending ratio after these changes is 92.9%. <br />The 2022 methodology utilizes agricultural sales within a region to develop a tillable and non- <br />tillable value to be used for Green Acres in that area. Our Green Acres Region includes the <br />Counties of Anoka, Chisago, Isanti, and Sherburne. The Department of Revenue issued a memo <br />which indicated that the average per acre value for tillable land was to be $3,600 (no change <br />from 2021) and the average for non-tillable was to be $2000 (up $200 per acre from 2021). <br />Township Averages as Reported to the Department of Revenue for the 2022 Assessment <br />2022 Estimated Market Values <br />2a Tillable 6100/ac <br />2a/2b Pasture 5800/ac <br />-Same values have been applied to Rural Preserve and CRP land <br />Waste 750/ac <br />Wetlands 750/ac <br />2022 Green Acres Values <br />2a Tillable 3700/ac <br />2a Pasture 2400/ac <br />Waste 750/ac <br />-Same values have been applied to Rural Preserve and CRP land <br />