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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
<br />Market Value
<br />Tax Capacity
<br />Tax Capacity Rate
<br />39.700%
<br />38.515%
<br />Property Value
<br />Value
<br />Change
<br />Exclusion
<br />Value
<br />Dollar
<br />change
<br />Percent
<br />change
<br />2023
<br />2024
<br />2023
<br />2024
<br />2023
<br />2024
<br />2023
<br />2024
<br />$281,500
<br />$298,800
<br />6.1%
<br />$11,905
<br />$10,348
<br />$2,696
<br />$2,885
<br />$1,070
<br />$1,111
<br />$41
<br />3.8%
<br />$490,700
<br />$565,800
<br />15.3%
<br />$0
<br />$0
<br />$4,907
<br />$5,658
<br />$1,948
<br />$2,179
<br />$231
<br />11.9%
<br />$243,800
<br />$260,900
<br />7.0%
<br />$15,298
<br />$13,759
<br />$2,285
<br />$2,471
<br />$907
<br />$952
<br />$45
<br />5.0%
<br />$379,500
<br />$425,000
<br />12.0%
<br />$3,085
<br />$0
<br />$3,764
<br />$4,250
<br />$1,494
<br />$1,637
<br />$143
<br />9.6%
<br />$546,800
<br />$602,800
<br />10.2%
<br />$0
<br />$0
<br />$5,468
<br />$6,028
<br />$2,171
<br />$2,322
<br />$151
<br />7.0%
<br />$448,400
<br />$459,900
<br />2.6%
<br />$0
<br />$0
<br />$4,484
<br />$4,599
<br />$1,780
<br />$1,771
<br />$9
<br />-0.5%
<br />$340,000
<br />$364,900
<br />7.3%
<br />$6,640
<br />$4,399
<br />$3,334
<br />$3,605
<br />$1,323
<br />$1,388
<br />$65
<br />4.9%
<br />$340,000
<br />$340,000
<br />1 0.0%
<br />$6,640
<br />$6,640
<br />$3,334
<br />$3,334
<br />$1,323
<br />$1,284
<br />($39)
<br />-2.9%
<br />Commercial/Industrial:
<br />Estimated City Tax
<br />Estimated
<br />Tax Capacity
<br />Tax Capacity Rate
<br />39.700%
<br />38.515%
<br />Property Value
<br />Value
<br />Change
<br />Value
<br />Dollar
<br />change
<br />Percent
<br />change
<br />2023
<br />2024
<br />2023
<br />2024
<br />2023
<br />2024
<br />$1,905,600
<br />$2,130,900
<br />11.8%
<br />$37,362
<br />$41,868
<br />$14,833
<br />$16,125
<br />$1,292
<br />8.7%
<br />$3,158,300
<br />$3,532,200
<br />11.8%
<br />$62,416
<br />$69,894
<br />$24,779
<br />$26,920
<br />$2,141
<br />8.6%
<br />$4,699,400
<br />$5,084,100
<br />8.2%
<br />$93,238
<br />$100,932
<br />$37,015
<br />$38,874
<br />$1,859
<br />5.0%
<br />$1,416,300
<br />$1,570,600
<br />10.9%
<br />$27,576
<br />1 $30,662
<br />$10,948
<br />$11,809
<br />$861
<br />7.9%
<br />$2,500,000
<br />1 $2,500,000
<br />0.0%
<br />$49,250
<br />1 $49,250
<br />$19,552
<br />$18,969
<br />($583)
<br />-3.0%
<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. 12%.
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