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2024 City of Elk River <br />Local Board of Appeal and Equalization <br />April 8, 2024 <br />Sales from October 1, 2022 to September 30, 2023 were used to determine the estimated market <br />values for the 2024 assessment. Countywide there was 1 good sale of parcels over 34.5 acres. <br />Due to lack of sales, no adjustments were made to the estimated market values of agricultural <br />land for the 2024 assessment. <br />The 2024 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 $4,400 (up $500 from <br />2023) and the average for non -tillable was to be $2,900 (up $400 per acre from 2023). <br />Township Averages as Reported to the Department of Revenue for the 2024 Assessment <br />2024 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 />2024 Green Acres Values <br />2a Tillable 4500/ac <br />2a Pasture 3100/ac <br />Waste 750/ac <br />-Same values have been applied to Rural Preserve and CRP land <br />Page 4 of 6 <br />