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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 />37.817%
<br />39.050%
<br />Property Value
<br />Value
<br />Change
<br />Exclusion
<br />Value
<br />Dollar
<br />change
<br />Percent
<br />change
<br />2024
<br />2025
<br />2024
<br />2025
<br />2024
<br />2025
<br />2024
<br />2025
<br />$298,800
<br />$296,500
<br />-0.8%
<br />$10,348
<br />$10,555
<br />$2,885
<br />$2,859
<br />$1,091
<br />$1,117
<br />$26
<br />2.4%
<br />$341,500
<br />$344,200
<br />0.8%
<br />$6,505
<br />$15,572
<br />$3,350
<br />$3,286
<br />$1,267
<br />$1,283
<br />$16
<br />1.3%
<br />$386,200
<br />$388,900
<br />0.7%
<br />$2,482
<br />$11,549
<br />$3,837
<br />$3,774
<br />$1,451
<br />$1,474
<br />$23
<br />1.6%
<br />$470,400
<br />$469,500
<br />-0.2%
<br />$0
<br />$4,295
<br />$4,704
<br />$4,652
<br />$1,779
<br />$1,817
<br />$38
<br />2.1%
<br />$571,100
<br />$571,100
<br />0.0%
<br />$0
<br />$0
<br />$5,711
<br />$5,711
<br />$2,160
<br />$2,230
<br />$70
<br />3.2%
<br />$604,000
<br />$606,300
<br />0.4%
<br />$0
<br />$0
<br />$6,040
<br />$6,063
<br />$2,284
<br />$2,368
<br />$84
<br />3.7%
<br />$340,300
<br />$340,300
<br />0.0%
<br />$6,613
<br />$15,923
<br />$3,337
<br />$3,244
<br />$1,262
<br />$1,267
<br />$5
<br />0.4%
<br />* As property value increases, the market value exclusion is phased out at $517,200 & over. (This is an increase from $413,800 &
<br />over in 2024.)
<br />Commercial/Industrial:
<br />Estimated City Tax
<br />Estimated
<br />Tax Capacity
<br />Tax Capacity Rate
<br />37.817%
<br />39.050%
<br />Property Value
<br />Value
<br />Change
<br />Value
<br />Dollar
<br />change
<br />Percent
<br />change
<br />2024
<br />2025
<br />2024
<br />2025
<br />2024
<br />2025
<br />$2,130,900
<br />$2,130,000
<br />0.0%
<br />$41,868
<br />$41,850
<br />$15,833
<br />$16,342
<br />$509
<br />3.2%
<br />$3,532,200
<br />$3,531,900
<br />0.0%
<br />$69,894
<br />$69,888
<br />$26,432
<br />$27,291
<br />$859
<br />3.2%
<br />$5,084,100
<br />$5,054,400
<br />-0.6%
<br />$100,932
<br />$100,338
<br />$38,169
<br />$39,182
<br />$1,013
<br />2.7%
<br />$1,570,600
<br />$1,555,900
<br />-0.9%
<br />$30,662
<br />1 $30,368
<br />$11,595
<br />$11,859
<br />$264
<br />2.3%
<br />$2,500,000
<br />1 $2,500,000
<br />0.0%
<br />$49,250
<br />1 $49,250
<br />$18,625
<br />$19,232
<br />$607
<br />3.3%
<br />Page 58 of 106
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