Shakopee, Minnesota Property Taxes
The median property tax rate in Shakopee, MN is 1.10%, slightly higher than the national median of 0.99% but just below the Minnesota state median of 1.11%. With a median home value of $342,100 in Shakopee, the typical annual property tax bill reaches $3,714, surpassing the national median of $2,690. Property taxes in Shakopee are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Shakopee's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Shakopee or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Shakopee, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Shakopee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shakopee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shakopee to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by Scott County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Shakopee, Minnesota
Property taxes in Shakopee, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shakopee is 1.10%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Shakopee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shakopee estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Shakopee's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55379 zip code has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Shakopee provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shakopee Tax Rate
1.10%
Average Scott County Tax Rate
1.07%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shakopee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55379 | 1.00% | 1.06% | 1.10% | 1.12% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Shakopee, Minnesota
In Shakopee, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Scott County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Shakopee, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Shakopee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 55379 has the highest and lowest median tax bills, both at $3,714.
Average Shakopee Assessed Value
$342,100
Average Scott County Assessed Value
$388,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shakopee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55379 | $224,000 | $259,900 | $342,100 | $456,500 | $573,460 |
Source: Ownwell
Property Tax Bills Across Shakopee, Minnesota
In Shakopee, located in Scott County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in Shakopee stands at $342,100. The local property tax rate is applied to this assessed value to determine the annual tax bill. Several factors contribute to the final tax amount, including local government budgets, school district levies, and any applicable exemptions or credits. Homeowners in Shakopee experience a range of property tax bills. For instance, the 25th percentile tax bill is approximately $2,752, while the 75th percentile tax bill reaches around $4,904. At the 90th percentile, the tax bill can be as high as $6,072. The highest and lowest median tax bills in Shakopee are both $3,714, corresponding to the zip code 55379. Compared to the national median property tax rate of 0.99%, Shakopee's rates result in significant annual expenses for homeowners, influencing decisions on homeownership and long-term financial planning.
Average Shakopee Tax Bill
$3,714
Average Scott County Tax Bill
$4,100
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Shakopee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55379 | $2,288 | $2,752 | $3,714 | $4,904 | $6,072 |
Source: Ownwell