Elevated water tanks are widely used to store water for drinking as well as for fire extinguishing purposes. After a severe earthquake, the need of water for drinking as well as fire control will increase dramatically. To ensure that water tanks remain functional after an earthquake, proper analysis method should be followed in order to calculate the response of a structure for earthquake. In this study, the lateral forces developed during earthquake are investigated from commercially available SAP2000 software and the results are compared with the 2006 edition of the ACI standard "Seismic Design of Liquid-Containing Concrete Structures and Commentary" (ACI 350.3-06). The elevated concrete tank is modeled for full, half-full and empty conditions. Linear modal time history analysis is performed using scaled ground motions. Three-directional ground motion records from five different earthquakes have been scaled to the design level and applied to the structure. Sloshing behavior of water inside the tank and the effect of vertical ground motion on the columns have been investigated. It is found that, vertical ground motions can increase the axial forces in columns by up to 20 %, and the ACI 350.3-06 design method is not always conservative. As seismic response depends on both the dynamic properties of the structure and the spectral characteristics of ground motions, more research is needed to understand and model the seismic response of elevated water tanks.