The Shakopee School Board set the 2020 taxes-payable property tax levy at $40 million Dec. 9, a 4% increase from the 2019 taxes-payable levy. This means most residents whose property values increase will pay a slightly higher amount in property tax dollars, but the district’s portion of the levy tax rate will drop.
The majority of the levy dollars — 60% — will go toward the debt service fund, according to School District Finance Director Jeffrey Priess.
The tax base in Shakopee is expected to grow 10.8% in the next year, according to the city’s most recent estimates, which will absorb some of the increase in the school portion of property taxes. The school district’s tax capacity base is expected to rise approximately 9%, according to Priess, who said the district’s tax capacity differs slightly from the city’s.
Homeowners who have a 9% increase in home value will see their taxes go up.
Priess estimates a home valued at $272,500 for taxes payable in 2020 will see an increase of about $54 for the year, assuming a 9% property valuation increase. Someone with a home valued at $408,750 would see an $80 tax levy increase.
If a home valued at $250,000 were to have no valuation increase, it would see a property tax decrease of about $83 for the year.