2.1 SR 04-12-2021Sherburne County Assessor
Sherburne County Government Center
13880 Business Center Dr NW
Elk River, MN 55330-1692
Phone: (763)765-4900
FAX: (763) 765-4905
2021 ELK RIVER CITY ASSESSMENT
Spring PRISM Report
Residential and Seasonal values increased in overall market value by approximately 7.2%. The property
value increases are the result of 392 sales in the City and 1,507 sales County -wide.
Assessment Years
2017
346 sales
2018
404 sales
2019
399 sales
2020
351 sales
2021
392 sales
Study Ratio Overall Change
88.4% x 1.057% = 93.43% adjusted ratio
85.8% x 1.096% = 94.04% adjusted ratio
87.02% x 1.065% = 92.67% adjusted ratio
88.9% x 1.058% = 94.1% adjusted ratio
88.2% x 1.080% = 95.3% adjusted ratio
Apartments increased county wide by 9.65%
Commercial and Industrial County -wide there were 13 sales, 9 Commercial and 4 Industrial. Our combined
median ratio started as 90.7% and final ratio is 99.1 %
Total Taxable New Construction
Assessment Years
2017
$ 18,842,026
2018
$ 32,528,500
2019
$ 43,506,513
2020
$ 45,481, 884
2021
$ 32,931,500
Total City Estimated Market Value
Assessment Years
2017 $ 2,119,094,900
2018 $ 2,313,310,000
2019 $ 2,486,129,500
2020 $ 2,658,483,400
2021 $ 2,859,083,800
Elk River Local Board of Appeal and Equalization
April 12, 2021 6:00 pm
Elk River Year End Summary — 2021 Assessment
Re -Assessment
Beth and Krista re -assessed 1899 single family homes, townhomes and condominiums. This
number meets our goal of re -assessing 20% of all residential properties each year.
Due to COVID-19, no field work was done for reassessment. We worked with our new aerials
with pictometry and any other information available on properties to aid in review. We did
physically examine the exterior of any new improvements.
Perm its
There were 113 permits issued for new single-family homes and townhomes. There were an
additional 326 permits issued for improvements to properties such as additions, decks and
basement finish. Improvements were measured, photos taken, and inspections were completed.
Residential Statistics
2020
2019
2018
New Homes
113
117
163
Improvement Permits
326
268
299
Good Sales
392
351
399
Bad Sales
287
273
146
Total Sales
679
624
545
Avg Sale Price
$292,379
$259,307
$256,328
Avg Assessed Value
$267,452
$250,459
$245,964
Beginning Sales Ratio
88.2%
88.9%
87.02%
Ending Sales Ratio
95.3%
94.0%
92,67%
Change Overall
+7.2%
+5.61%
+6.58%
State Time Adjustment
+6.26%
+5.75%
+7,06%
Apartment Sales
0
0
0
Sales Ratio Studies
Sales ratio studies compare the Assessor's Estimated Market Value to the sales price of the
property. Sales from October 1, 2019 to September 30, 2020 were used to determine the
Estimated Market Value for the January 2, 2021 Assessment. The Minnesota Department of
Revenue requires the Assessor to maintain a ratio of 90% to 105%. The final sales ratio for the
2021 assessment is 95.30%.
Residential Sales
There was a total of 679 residential sales in Elk River that occurred between October 1, 2019 and
September 30, 2020. Of that number, 392 sales were considered "good" sales that were included
in the Department of Revenue Sales study for the 2021 assessment. The average sale price was
$292,379 (increase of 13% from last year) with an average assessed value of $267,452, An
additional 287 sales were not used. These were rejected for such reasons as new
construction/physical change, foreclosures/bank sales, and sales between related parties.
Vacant Land/Lot Sales
There were 12 "good" vacant land/lot sale transactions from October 1, 2019-September 30,
2020. This included a 9.7 acre unplatted residential site and 11 platted lots ranging in size from
.28 to 2.19 acres. The sales ratio for residential vacant land sales was 67.5%.
There were 10 new plats recorded in 2020.
Residential Building Changes
Increases were made to the house schedule to raise the level of assessment. hollowing the market
indications, most homes received a 4% increase and "executive" level homes received an
increase or 2% or less.
Residential Land Changes
Base rates for residential lots/I" acre were increased 5%. Base rate for additional acres were
increased 25% for high ground and 50% for low land. Neighborhood modifiers were reviewed
city wide and inequities were addressed through upward or downward adjustments.
Rural Vacant Land changes included 11 % increase to tillable land and 20% increase for low
land.
Ag Building Changes
Ag house and garage increases followed the residential building schedule.