2025 Budget for the City of Shakopee

9

Taxable Market Value The city’s taxable market value is at $8.44 billion, which is an increase of $660 million (8.5%) from last year. Apartment, commercial and industrial market value outpaced the growth in market value of residential. New construction accounted for $250.2 million of the increase in taxable market value. Class Payable 2024 Payable 2025 Change (%) Agricultural $65,302,703 $170,996,310 161.9% Apartment 713,349,600 775,437,500 8.7% Commercial 702,496,200 757,419,500 7.8% Industrial 1,571,476,000 1,762,431,500 12.2% Public Utility/Railroad 31,337,200 41,592,700 32.7% Residential 4,692,583,394 4,927,465,807 5.0% Other 2,279,600 3,849,500 68.9% Totals $7,778,824,697 $8,439,192,817 8.5%

For the city of Shakopee, the total residential taxable market value increased 5.0 percent, the majority of homes (70%) are seeing their values increase by less than the 5.0 percent. A breakdown of the value changes is provided below.

Number of Residential Properties Residential Impacts - Shakopee

Increase/Decrease Estimated Market Value Range

Percentage of

Total

+15.01+%

411

3%

+10.01-15.00%

579

4%

+5.01-10.00%

2,210

17%

+0.01-5.00%

9,120

70%

No Change

17

0%

-0.01-5.00%

505

4%

-5.01 - 10.00%

63

0%

-10.00 - 15.00%

35

0% 0%

-15.01% +

6

12,946

100%

The State Legislature increased the Homestead Market Value Exclusion from $417,000 to $517,000, which will shift the property tax burden from residential homes under $517,000 to other property types.