3. SR 04-29-2013 Sherburne Assessor
Sherburne County Government Center
13880 Business Center Dr NW
Elk River, MN 55330-1692
Phone: (763)765-4900
FAX: (763)765-4905
2013 ELK RIVER CITY ASSESSMENT
Residential values increased approximately 2.59% throughout the City of Elk River. The property value
increases are the result of 137 "good" sales used in the residential sales ratio study (Assessed value divided
by sale price equals sales ratio). The sales ratio for the City of Elk River came in at 93.0%.
2010 110 sales — 100.5% Ratio = (4.62%) Decrease
2011 128 sales —99.9% Ratio = (7.41%) Decrease
2012 85 sales— 113.4% Ratio = (11.25%) Decrease
2013 137 sales — 93.0% Ratio = 2.59% Increase
Total Bare land market values decreased approximately 5.61%.
Total Commercial & Industrial values decreased approximately 3.5%.
Apartment values decreased approximately 0.86%.
Taxable New Construction
2008 $35,232,600
2009 $11,431,200
2010 $ 6,785,600
2011 $12,562,000
2012 $ 8,656,700
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Total City Estimated Market Values (Real Taxable Property)
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2009 $2,113,528,600
2010 $2,005,640,252
2011 $1,873,410,300 i
2012 $1,721,462,200
2013 $1,728,439,800
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2013 Assessment
Elk River Year End Summary
Building Changes
The Residential Building Schedule was expanded from 2000 sq ft to 3000 sq ft.
The Garage Schedule was expanded from 700 sq ft to 2000 sq ft.
Residential improvements were increased+5%using neighborhood modifiers.
Town-homes and Condominiums: no change.
Residential Land Changes
Base Values on Bare Lots were lowered as much as 40%.
Res. Sq Ft Rate down to 3.00 base from 3.15 to more closely match RS+RA methods.
Rural Vacant Land: base rates down-10% to $4100/ac, and lowland down to $750/ac.
Open Space Land: went down to $1700/ac and waste went down to $500/ac.
Residential Pond and Wetland went to $1000/ac.
Lowland and Waste went to $750/ac.
Tax Forfeited Land Rem Acres @ 50% of base, or Platted Lot rates @ 25%.
Ag Land Changes (40 acres and up)
Woods went down from $4500 to $4100/ac, GA Woods went from$4500 to $4100/ac.
Tillable went down from$4500 to $4000/ac, GA Till went from$3900 to $3750/ac.
Pasture went down from $4500 to $4100/ac, GA Past went from $4500 to $2060.
Waste stayed at $500/ac.
Designated Wetlands went from $2500/ac to $500/ac.
Other Statistics
New Homes 37
Improvement Permits 200
Good Sales 137
Bad Sales 243
Total Sales 380
Ave Sale Price (good) $180,500
Ave Assessed Value (good) $172,400
Beginning Ratio 93%
Ending Ratio 96.4%
% Change +3.66%
Conclusion
It appears the Elk River Residential Market has bottomed out and is now on its way back
up statistically. There is a low supply of listings in the area.A steady supply of
Foreclosure property haunts the market. Vacant Land values are still relatively low and
sales are sluggish.
2013 Elk River
Local Board of Appeal and Equalization
April 29,2012
The Department of Revenue issued a memo which indicated that the base value to be used in
calculating the average Green Acres value per acre for tillable land was to be $5,400.00. This is
based on sales for the five base counties in southwest Minnesota, Lyon, Murray,Nobles, Rock and
Pipestone. Sherburne County uses a 41% factor(3440/ac) for setting our Green Acres tillable
value.
Values are on a parcel or group of parcels 40 acres or more in size.
2013 Estimated Market Values
2a Tillable and Pasture 3600 - 4500/ac
-Same values have been applied to CRP land
Waste 500/ac
2b Woods 4100/ac
2013 Green Acres Values
2a Tillable 3750/ac
2a Pasture 2060/ac
-Same values have been applied to CRP land
Waste 500/ac
Wetlands 500/ae
2012 Estimated Market Values
2a Tillable and Pasture 4200-5000/ac
-Same values have been applied to CRP land
Waste 500/ac
2b Woods 4200-5000/ac
2012 Green Acres Values
2a Tillable 3900/ac
2a Pasture 1950/ac
-Same values have been applied to CRP land
Waste 500/ac
Wetlands 2400/ac