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2023 City of Elk River <br />Local Board of Appeal and Equalization <br />April 10, 2023 <br />Sales from October 1, 2021 to September 30, 2022 were used to determine the estimated market <br />values for the 2023 assessment. Countywide there were 19 good sales of parcels over 34.5 acres <br />used in the study. The Agricultural time trend was 14.42%. The median ratio of these sales after <br />time trend was applied was 68.4%. Agricultural Values increased by 10% and Rural Vacant <br />Land Values were increased by 30%. The ending ratio after these changes is 98.9%. <br />The 2023 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 $3,900 (up $300 from <br />2022) and the average for non-tillable was to be $2,500 (up $500 per acre from 2022). <br />Township Averages as Reported to the Department of Revenue for the 2023 Assessment <br />2023 Estimated Market Values <br />2a Tillable 6600/ac <br />2a/2b Pasture 6300/ac <br />-Same values have been applied to Rural Preserve and CRP land <br />Waste 750/ac <br />Wetlands 750/ac <br />2023 Green Acres Values <br />2a Tillable 4000/ac <br />2a Pasture 2700/ac <br />Waste 750/ac <br />-Same values have been applied to Rural Preserve and CRP land <br />