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CITY OF ELK RIVER
<br />ESTIMATED TAX IMPACT
<br />Residential (Homestead): With Valuation Change Impact
<br />Estimated City Tax
<br />Estimated Market ValueTax Capacity Rate
<br />Property ValueExclusionTax Capacity Value
<br />Value 43.967%39.618%DollarPercent
<br />20222023Change202220232022202320222023changechange
<br />$227,800$281,50023.6%$16,738 $11,905 $2,111$2,696$928$1,068$14015.1%
<br />$10,321 $5,236
<br />$299,100$355,60018.9%$2,888$3,504$1,270$1,388$1189.3%
<br />$334,500$397,90019.0%$7,135 $1,429 $3,274$3,965$1,439$1,571$1329.2%
<br />$416,300$490,70017.9%$0 $0 $4,163$4,907$1,830$1,944$1146.2%
<br />$4,462 $0
<br />$364,200$440,50021.0%$3,597$4,405$1,582$1,745$16310.3%
<br />$300,800$345,50014.9%$10,168 $6,145 $2,906$3,394$1,278$1,344$665.2%
<br />** $263,000$340,00029.3%$13,570 $6,640 $2,494$3,334$1,097$1,321$22420.4%
<br />$250,000$250,0000.0%$2,353$2,353$1,034$932($102)-9.9%
<br />$14,740 $14,740
<br /> ** Median Value Home
<br />As property value increases, the market value exclusion is phased out at $413,800 & over.
<br />Per county assessor, residential market values increased overall approx. 19%.
<br />Commercial/Industrial:
<br />Estimated City Tax
<br />EstimatedTax Capacity Rate
<br />Property ValueValue43.967%39.618%DollarPercentTax Capacity Value
<br />20222023Change2022202320222023changechange
<br />$4,645,100$5,266,30013.4%$92,152$104,576$40,516$41,431$9152.3%
<br />$4,034,200$4,699,40016.5%$79,934$93,238$35,145$36,939$1,7945.1%
<br />$1,676,700$1,905,60013.7%$32,784$37,362$14,414$14,802$3882.7%
<br />$2,786,100$3,158,30013.4%$54,972$62,416$24,170$24,728$5582.3%
<br />$2,000,000$2,000,0000.0%$39,250$39,250$17,257$15,550($1,707)-9.9%
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