Loading...
HANDOUTS 04-08-2019Adndu _ - q Wri Sherburne County Assessor Sherburne County Government Center 13880 Business Center Dr NW Elk River, MN 55330-1692 Phone: (763)765-4900 FAX (763)765-4905 2019 ELK RIVER CITY ASSESSMENT Spring Mini Report Residential and Seasonal values increased in overall market value by approximately 6.58%. The property value increases are the result of 399 sales in the City and 1,348 sales County -wide. Assessment Years Sales Study Ratio Overall Change 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 2019 399 sales 87.02% x 1.065 = 92.67% adjusted ratio Agricultural Values increased county -wide by approximately 1.1 % Apartment values increased 4.81% in Elk River. There was 1 new apartment project started in the city. There were no sales in Elk River and 2 sales County -wide. Commercial and Industrial values combined increased 1.13% in the City. There were 22 sales County- wide, 19 Commercial and 3 Industrial. Total Taxable New Construction Assessment Years 2015 $ 17,354,782 2016 $ 28,093,805 2017 $ 18,842,026 2018 $ 32,528,500 2019 $ 43,506,513 Total City Estimated Market Values Taxable Real Property Assessment Years 2015 $ 1,927,795,700 2016 $ 2,009,030,900 2017 $ 2,119,094,900 2018 $ 2,313,310,000 2019 $ 2,486,129,500 -I �Mulj (40 19 Elk River Local Board of Appeal and Equalization April 8, 2019 6:00 pen Elk River Year End Summary — 2019 Assessment Re -Assessment Beth and Krista re -assessed 2036 single family homes, townhomes and condominiums. 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 163 permits issued for new single-family homes and townhomes. There were an additional 299 permits issued for improvements to properties such as additions, decks and basement finish. Improvements were measured, photos taken, and inspections were completed. Residential Statistics 2018 2017 2016 New Homes 163 113 63 Improvement Permits 299 283 244 Good Sales 399 404 346 Bad Sales 146 147 136 Total Sales 545 551 553 Avg Sale Price $256,328 $253,824 $224,856 Avg Assessed Value $245,964 $233,396 $210,771 Beginning Sales Ratio 87.02% 85.8% 88.4% Ending Sales Ratio 92.67% 94.04% 93.4% Change Overall +6.58 +9.6% +5.7% State Time Adjustment +7.06% +7.74% +5.19% Apartment Sales 0 1 (24 unit) 3 (4, 6, 80 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, 2017 to September 30, 2018 were used to determine the Estimated Market Value for the January 2, 2019 Assessment. The Minnesota Department of Revenue requires the Assessor to maintain a ratio of 90% to 105%. The final sales ratio for the 2019 assessment is 92.67%. Residential Sales There was a total of 545 residential sales in Elk River that occurred between October 1, 2017 and September 30, 2018. Of that number, 399 sales were considered "good" sales that were included in the Department of Revenue Sales study for the 2018 assessment. The average sale price was $256,328 with an average assessed value of $245,964. An additional 146 sales were not used. These were rejected for such reasons as foreclosuresibank sales, sales to relatives, and relocations. Vacant Land/Lot Sales There were 51 vacant land/lot sale transactions in 2018. This included 3 large transactions for new plats (Monroe Estates, Trace Heights 2"d, and Riverplace 2nd addition, yet to be platted) and 33 individual sales of single family platted lots with an average sale price of $69,200. There were also 7 transactions for platted lots where a builder purchased multiple lots at once; the average sale price per lot in those transactions was $61,000. Residential Building Changes Increases were made to raise the level of assessment. The house schedule was increased an average of 8% with lower value homes receiving a little more of an increase and higher value homes less of an increase. The garage schedule was increased 8% and pole building schedule was increased $2/sf. Residential Land Changes Base rates for residential lots/land were increased 7%. 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. glamn_+ Olghcj 2019 City of Elk River Local Board of Appeal and Equalization April 8, 2019 The 2019 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 $3,300 (up from $3,200 in 2018) and the average for non -tillable was to be $1900 (up from $1800 in 2018). Township Averages as Reported to the Department of Revenue for the 2019 Assessment 2019 Estimated Market Values 2a Tillable 4200/ac 2a/2b Pasture 4100/ac -Same values have been applied to Rural Preserve and CRP land Waste 750/ac Wetlands 750/ac 2019 Green Acres Values 2a Tillable 3300/ac 2a Pasture 2200/ac Waste 750/ac -Same values have been applied to Rural Preserve and CRP land A%rljoc-� L11019 2019 City of Elk River Board of Appeal and Equalization April 8th, 2019 Recommendations from County Assessor For changes to the 2019 Assessment FREEPORT BUSINESS CENTER LLC 15892 54TH ST ST MICHAEL MN 55376 LEGAL DESCRIPTION: Lot 2, Blk SEC/TWP/RGE : 34 33.0 26 ACRES: 1.20 PROPERTY TYPE: Commercial 233-0 2019 Original Value 233-0 Land $ 222,200 Building $695,600 Total Emv: $918,100 75-454-0120 ELK RIVER PLAZA 3RD ADDITION 2019 Suggested Change 233-0 $122,200 $687,000 $909,200 Reduction: The building value is being reduced by $8,600, Reason: Correcting the office square footage lowers the value since it was over stated by about approximately 254 s.f. ---lS pin name eff age type bldg sf $ bldg psf overall $psf 75-774-0110 pearl vision verygood 2008 retailctr 5,676 $78.29 $137.65 75-670-0105 520 mike Ilc average 2012 office 5,523 $72.44 $97.18 75-599-0120 brigg office average 2005 office 8,147 $63.58 $103.68 70-007-3120 sherb bank good 2000 bank/off 7,064 $62.39 $134.26 75-775-0105 brigg strip abv avg 2006 retailctr 13,004 $57.70 $87.31 75-435-0630 equity mngmt average 2001 retailctr 3,900 $56.15 $82.28 75-454-0120 rich shulz abv avg 2006 office/retail/whse 12,692 $54.84 $72.34 75-759-0115 chipotle abvavg 2007 retailctr 11,400 $54.44 $105.62 75-759-0110 starbuck-jjohn abvavg 2007 retailctr 13,004 $53.56 $120.92 75-599-0110 heying strip average 2002 retailctr 6,760 $44.50 $95.24 75-134-4113 marble assets good 1999 auto sw 21,998 $41.52 $63.13 75-787-0001 thrift store abvavg 2002 retailctr 20,744 $39.45 $68.67 75-435-0640 equity mngmt average 1993 retailctr 15,400 $37.38 $58.20 z-�Cidn - ---7 T,�-4SLI -ouzo pin name eff age type bldg sf land psf acres 70-007-3120 sherb bank good 2000 bank/off 7,064 $15.97 0.73 75-759-0115 chipotle abv avg 2007 retail ctr 11,400 $9.50 1.41 75-774-0110 pearl vision very good 2008 retail ctr 5,676 $8.50 0.91 75-759-0110 starbuck-jjohn abv avg 2007 retail ctr 13,004 $7.50 2.68 75-599-0120 brigg office average 2005 office 8,147 $7.50 1 75-599-0110 heying strip average 2002 retail ctr 6,760 $7.50 1.05 75-775-0105 brigg strip abv avg 2006 retail ctr 13,004 $6.50 1.36 75-435-0630 equity mngmt good 2001 retail ctr 3,900 $6.00 0.39 75-787-0001 thrift store abv avg 2002 retail ctr 20,744 $6.00 2.32 75-670-0105 520 mike Ilc average 2012 office 5,523 $5.50 0.57 75-435-0640 equity mngmt average 1993 retail ctr 15,400 $4.97 1.48 75-454-0120 rich shulz average 2006 office 12,692 $4.25 1.2 75-134-4113 marble assets good 1999 auto sry 21,998 $3.75 2.91 - krdo- � 4119 2019 Elk River Board of Appeal and Equalization April 8, 2019 Recommendations from the County Assessor For Changes to the 2019 Assessment RICHARD J & MICHELLE R NIETFELD 13375 179TH CIR NW ELK RIVER MN 55330 P.I.D. 75-571-0110 Description: Lot 2 Block 1 Heritage Landing Second Addition Physical Address: 13375 179`h Cir NW The taxpayer contacted the Assessor's Office concerning the value of his property. The property is 1858 sq ft rambler with a 3 -car attached garage. Based on a review of the property the following change is recommended. 75-571-0110 2019 Original 2019 Recommended Change Land $ 56,400 $ 56,400 Improvements $ 282,600 $ 269,600 Total $ 339,000 $ 326,000 Decrease of $ 13,000 2019 Elk River Local Board of Appeal and Equalization April 8, 2019 Recommendation from County Assessor For Changes to 2019 Assessment ARHC ERELKMNOI LLC C/O ALTUS GROUP US INC #7721 5450 E HIGH ST STE 220 PHOENIX AZ 85054 Parcel# 75-661-0105 2019 Original 2019 Suggested Change $4,596,300 $4,596,300 Difference: -f��tnC�c�t �ll�lr� The property owner is in the process of appealing this property. At this time, we recommend no change.