Board of Appeal and Equalization handoutsSherburne County Assessor
Sherburne County Government Center
13880 Business Center Dr NW
Elk River, M7V55330-1692
Phone: (763)765-4900
FAX' (763)765-4905
2018 ELK RIVER CITY ASSESSMENT
Spring Mini Report
Residential and Seasonal values increased in overall market value by approximately 9.6%.
value increases are the result
The property
of 404 sales In the City- and 1,381 sales County -wide.
Assessment Years
Sales
Study Ratio Overall Change
2014 208 sales
84.6% x 1.077 = 91.11% adjusted ratio
2015 292 sales
85.9% x 1.061 = 91.14% adjusted ratio
2016 386 sales
89.3% x 1.041 = 92.93% adjusted ratio
2017 346 sales
88.4% x 1.057 = 93.43% adjusted ratio
2018 404 sales
85.8% x 1.096 = 94.04% adjusted ratio
Agricultural Values increased county -wide by approximately 1 %
Apartment values increased 1.65% in Elk River. There were 2 new apartment projects started in the city.
There was only 1 sale.
Commercial and Industrial values combined increased 1.17% in the City. There were 17 sales county-
wide.
Total Taxable New Construction
Assessment Years
2014 $ 20,085,400
2015 $ 17,354,782
2016 $ 28,093,805
2017 $ 18,842,026
2018 $ 32,528,500
Total City Estimated Market Values Taxable Real Property
Assessment Years
2014 $ 1,838,493,300
2015 $ 1,927,795,700
2016 $ 2,009,030,900
2017 $2,119,094,900
2018 $ 2,313,310,000
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Elk River Local Board of Appeal and Equalization
April 9, 2018 6:00 pm
Elk River Year End Summary — 2018 Assessment
Re -Assessment
Beth and Krista re -assessed 1,598 single family properties. Beth, Krista and Greg re -assessed
318 townhome and condominium properties. There were a total of 1,916 residential properties
re -assessed during 2017. This number meets our goal of re -assessing 20% of all residential
properties each year.
Letters were sent to re -assessment areas to inform the homeowners that their property would be
re -assessed. Drawings were updated, new photos taken, and inspections of homes were
completed. Depreciation was applied to buildings as necessary. Value was added for all
improvements that were not currently listed on the assessment.
Permits
There were 113 permits issued for new single family homes and townhomes. There were an
additional 283 permits issued for improvements to properties such as additions, decks and
basement finish. Improvements were measured, photos taken, and inspections were completed.
Residential Statistics
New Homes
Improvement Permits
Good Sales
Bad Sales
Total Sales
Avg Sale Price
Avg Assessed Value
Beginning Sales Ratio
Ending Sales Ratio
Change Overall
State Time Adjustment
Apartment Sales
2017
113
283
404
147
551
$253,824
$233,396
85.8%
94.04%
+9.6%
7.74%
1 (24 unit)
2016
63
244
346
136
553
$224,856
$210,771
88.4%
93.4%
+5.7%
5.19%
3 (4, 6, 80 unit)
2015
74
203
386
108
494
$219,375
$204,140
89.3%
93.7%
+4.92%
4.7%
3 (4, 24, 30 unit)
Sales Ratio Studies
Sales ratio studies compare the Assessor's Estimated Market Value to the sales price of the
property. Sales from October 1, 2016 to September 30, 2017 were used to determine the
Estimated Market Value for the January 2, 2018 Assessment. The Minnesota Department of
Revenue requires the Assessor to maintain a ratio of 90% to 105%. The sales ratio for the 2018
assessment is 93.4%.
Residential Sales
There were a total of 551 residential sales in Elk River that occurred between October 1, 2016
and September 30, 2017. Of that number, 404 sales were considered `good' sales that were
included in the Department of Revenue Sales study for the 2018 assessment. The average sale
price was $253,824 with an average assessed value of $233,396. There were an additional 147
`bad' sales that were not used. These were rejected for such reasons as foreclosuresibank sales,
sales to relatives, and relocations.
Vacant Land/Lot Sales
There were 43 vacant land/lot sale transactions in 2017. This included 5 large transactions of
land for new plats (River Park Meadows, Miske Meadows & Miske Meadows 2nd addition) and
30 sales of single family platted lots with an average sale price of $58,713.
Residential Building Changes
Increases were made to raise the level of assessment. The house and garage building schedule
was increased by an average of 9%. The study showed that split level homes were undervalued
and an additional 3% was added to the schedule for those building types.
Residential Land Changes
Land values on existing homes were increased 7.5% to the base rates.
Rural Vacant Land: Base rates are unchanged, $4100 to $4500 per acre.
Ag Building Changes
Ag house and garage increases followed the residential building schedule.
Apartments
The overall change for apartments was an increase of 1.65%.
2018 City of Elk River krdc)a-�
Local Board of Appeal and Equalization q �� l I D
April 9, 2018 l
The 2018 methodology utilizes agricultural sales within a region to develop a tillable and non -
tillable value to be used for Green Acres in that area. Our Green Acres Region includes the
Counties of Anoka, Chisago, Isanti and Sherburne. The Department of Revenue issued a memo
which indicated that the average per acre value for tillable land was to be $3,200 (down from
$3,300 in 2017) and the average for non -tillable was to be $1900 (no change from 2017).
Township Averages as P.eported to the Department of Revenue for the 2018 Assessment
2018 Estimated Market Values
2a Tillable 4200/ac
2a/2b Pasture 4100/ac
-Same values have been applied to CRP land
Waste 750/ac
Wetlands 750/ac
20.18 Green Acres Values
2a Tillable
3200/ac
2a Pasture
2200/ac
Waste
750/ac
-Same values have been applied to CRP land
Apartment Review
2018 Assessment
Apartment values increased by an average of 1.91 %. There was 3 county -wide sales
used in the study.
Assessment Years
2014
2 sales
2015
6 sales
2016
5 sales
2017
3 sales
2018
3 sales
Area
Becker
Big Lake
Clear Lake
Elk River
Zimmerman
Total EMV
$ 20,379,300
$ 33,251,700
$ 1,621,800
$ 85,042,700
$ 12,130,000
New Imp
$ 2,119,100
$ 4,034,700
$ 30,000
Total Taxable New Construction
2014
$
243,200
2015
$
2,290,800
2016
$
4,460,200
2017
$
1,642,100
2018
$
6,183,800
Overall Change
3.0%
2.3%
1.5%
6.9%
1.9%
Net Diff
1.11%
2.10%
1.77%
2.14%
1.30%
Ratio
88.2%
95.1%
95.8%
96.2%
98.9%
2018 Elk River Board of Appeal and Equalization
April 9, 2018
Recommendations from the County Assessor
For Changes to the 2018 Assessment
WALTER W& NANCY ULLRICH
19531 ELGIN ST NW
ELK RIVER MN 55330
P.I.D. 75-671-0430
Description: Lot 6 Block 4 Windsor Oak Hill
Physical Address: 1 (q531 E[9a 1 5r
The taxpayer contacted the Assessor's Office concerning the value of his property. The
property is .74 acres with a house and 3 car attached garage. Based on a review of the property
the following change is recommended.
75-671-0430
2018 Original 2018 Recommended Change
Land $ 64,000 $ 64,000
Improvements $ 370,800 $ 351,200
Total $ 434,800 $ 415,200
Decrease of $ 19,600
1
2018 Elk River Board of Appeal and Equalization
April 9, 2018
Recommendations from the County Assessor
For Changes to the 2018 Assessment
RICHARD W & SUSAN J KURTH
19650 IRONTON CIRCLE
ELK RIVER MN 55330
P.I.D. 75-690-0118
Description: Lot 9 Block 1 Windsor Oak Hill Second Addition
Physical Address: 19650 Ironton Cir NW
The taxpayer contacted the Assessor's Office concerning the value of his property. The
property is .36 acres with a house and 4+ car attached garage with 558 sq ft of living space
above garage. Based on a review of the property the following change is recommended.
75-690-0118
2018 Original 2018 Recommended Change
Land
$
64,000
$ 64,000
Improvements
$
334,300
$ 320,800
Total
$
398,300
$ 384,800
Decrease of S 13,500
1
2018 Elk River Board of Appeal and Equalization
April 9, 2018
Recommendations from the County Assessor
For Changes to the 2018 Assessment
RONALD & SHERRI K SCHRECKENGHAUST
13273 179 1/2 AVE NW
ELK RIVER MN 55330
P.I.D. 75-546-0254
Description: Lot 27 Block 2 Heritage Landing
Physical Address: 13273 179 % Ave NW
The taxpayer contacted the Assessor's Office concerning the value of his property. The
property is .34 acres with a house and 3 car attached garage. Based on a review of the property
the following change is recommended.
75-546-0254
2018 Original 2018 Recommended Change
Land
$
50,400
$ 50,400
Improvements
$
264,200
$ 251,000
Total
$
314,600
$ 301,400
Decrease of $ 13,200
1
2018 Elk River Board of Appeal and Equalization
April 9, 2018
Recommendations from the County Assessor
For Changes to the 2018 Assessment
WILLIE JACKSON
20855 LANDER CT NW
ELK RIVER MN 55330
P.I.D. 75-673-0120
Description: Lot 4 Block 1
Physical Address: 20855 Lander Ct NW
The taxpayer contacted the Assessor's Office concerning the value of her property. The
property is .45 acres with a house and 3 car attached garage. Based on a review of the property
the following change is recommended.
75-673-0120
2018 Original 2018 Recommended Change
Land
$
63,300
$ 63,300
Improvements
$
361,000
$ 374,600
Total
$
424,300
$ 437,900
Increase of $ 13,600
1
2018 Elk River Board of Appeal and Equalization
April 9, 2018
Recommendations from the County Assessor
For Changes to the 2018 Assessment
RICHARD A & NANCY BRUNELL
14331 189TH ST
ELK RIVER MN 55330
P.I.D. 75-131-2225
Description: Unplatted, Section 31
Physical Address: 14331 189`h Ln NW
The taxpayer contacted the Assessor's Office concerning the value of her property. The
property is 11.33 acres with a house and 3 car attached garage. Based on a review of the
property the following change is recommended.
75-131-2225
2018 Original 2018 Recommended Change
Land
$
124,600
$ 94,200
Improvements
$
388,700
$ 387,100
Total
$
513,300
$ 481,300
Decrease of $ 32,000
1
2018 Elk River Board of Appeal and Equalization
April 9, 2018
Recommendations from the County Assessor
For Changes to the 2018 Assessment
ROBERT A & REBECCA M HANSON
22372 TIPTON ST NW
ELK RIVER MN 55330
P.I.D. 75-672-0545
Description: Lot 9 Block 5 The Ridges of Rice Lake
Physical Address: 22372 Tipton St NW
The taxpayer contacted the Assessor's Office concerning the value of her property. The
property is .70 acres with a house and 3 car attached garage. Based on a review of the property
the following change is recommended.
75-672-0545
2018 Original
Land $ 63,300
Improvements $ 318,600
Total $ 381,900
Decrease of $12,600
2018 Recommended Change
$ 63,300
$ 306,000
$ 369,300