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Shakopee City Council
December 1, 2020
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| | | | | | | | | FROM: | Nate Reinhardt, Finance Director | | TO: | Mayor & City Council Members |
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| | | | | | | | Subject:
2021 Budget & Property Tax Levy Public Meeting and Presentation | | |
| | | | | | | | Policy/Action Requested:
No action is required at tonight's meeting and the public is welcome to comment on the budget. The 2021 proposed budget is posted on the city's website. | | |
| | | | | | | | Recommendation:
Staff is recommending a city levy of $21,017,800, which is an increase of $637,300 or 3.13% over last year, and a EDA levy of $350,000, which is identical to last year. No changes were made to the levy between now and when the preliminary levy was set in September.
Levy Impact
- The proposed levy decreases the city tax rate from 33.97% to 31.85%
- The median value home of $266,800 (6.3% increase in value) would see an annual tax impact of $5 (0.6%)
- If a house valued at the median value home had no change in it's value, that home could expect a $50 (6.0%) decrease in annual taxes
- Estimated city market value increased by $521 million (8.6%)
- New construction would allow the city to increase the levy by 2.1%, without impact property taxes on existing properties.
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