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2025 City of Elk River <br />Local Board of Appeal and Equalization <br />April 16, 2025 <br /> <br />Sales from October 1, 2023 to September 30, 2024 were used to determine the estimated market <br />values for the 2025 assessment. Countywide there were 11 good sales of parcels over 34.5 acres. <br />The median ratio of these sales was 63.39%. Agricultural Values increased by 30%. The ending <br />ratio after these changes is 92.2%. <br />The 2025 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 $4,600 (up $200 from <br />2024) and the average for non-tillable was to be $3,000 (up $100 per acre from 2024). <br />Township Averages as Reported to the Department of Revenue for the 2025 Assessment <br /> <br /> <br />2025 Estimated Market Values <br /> <br />2a Tillable 8600/ac <br />2a/2b Pasture 8000/ac <br />-Same values have been applied to Rural Preserve and CRP land <br /> <br />Waste 750/ac <br />Wetlands 750/ac <br /> <br /> <br />2025 Green Acres Values <br /> <br />2a Tillable 4700/ac <br />2a Pasture 3100/ac <br />Waste 750/ac <br />-Same values have been applied to Rural Preserve and CRP land <br />Page 6 of 13