City Council approves 2024 budget and property tax levy

The City Council adopted a resolution approving the property tax levy and budget for 2024. For the median value Shakopee home, which decreased in value by an average of 2.6% (from $346,500 to $338,400), a property owner will see a decrease of $54 annually in property taxes. Absent any change in value, homeowners will see a tax decrease of $30. The proposed tax levy will decrease the city’s tax rate from 28.585% to 27.704% as a result of new construction and taxable market value increases in apartment, commercial and industrial properties. The City Council, acting as the Economic Development Authority, approved the proposed special benefit levy of the EDA. The levy was set at $350,000 – no change from previous years. The EDA levy and budget is used to fund economic development initiatives in the city. More information: Nate Reinhardt, Finance Director, 952-233-9326.

City Council approves 2023 budget and property tax levy

The City Council approved the city’s 2023 budget and property tax levy. The levy will increase $1.4 million, or 6.25%, over the 2022 levy. For the median value home with a property value increase of 21.7% -- from $284,700 to $346,500 – this equates to an annual increase of $95 in property taxes. Due to new construction and thus a reduction in the city’s overall tax rate, homeowners who don’t see a change in their home value can expect a tax decrease of about $98 a year. The council also approved a $500,000 Economic Development Authority levy, specifically designated for economic development activities, which remains unchanged from last year’s amount. More information: Nate Reinhardt, Finance Director, 952-233-9326.