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Taxpayer Burden Less than Expected, Shakopee Public Schools Board Approves Final Tax Levy for 2022
For Immediate Release: December 16, 2021
During the December 13, 2021 Truth in Taxation Hearing and School Board Meeting held at Shakopee High School, the district shared that the actual tax impact payable in 2022 will be less than expected. The actual amount of taxes to be paid in 2022 is less than the amounts shared prior to the successful November 2021 operating levy.
The tax impact on an average priced home in Shakopee of $317,000 had an original proposed 2022 annual tax impact of $597.77 for questions one and question two combined; both of which were approved by taxpayers during the November 2, 2021 special election. The actual annual tax impact on this household will be a total of $409.00. This is $188.77 less than expected.
“The main variables that impact property taxes are changes in market values and class rates/history, voter approved referendums/operating levies and State adjustments,” shares Bill Menozzi, Director of Finance and Operations at Shakopee Public Schools. Per Menozzi’s presentation at the Hearing, the referendum market value increase of 7.99%, residential homestead inflationary increase of 3%, district bond refunding savings of $8.06M (through 2035) and adjustments to the debt service excess fund balance all positively impacted the actual tax impact payable in 2022. “We are pleased to offer the community and our taxpayers savings on the approved operating levy, and for taxes payable in 2022,” shares Menozzi.
Truth in Taxation Hearings are required to be held annually by every public school district during the month of December and were created by the legislature with the intent to enhance public participation in Minnesota’s property tax system. The district is required to approve a final levy during this time, which cannot exceed the proposed levy shared in September 2021 for the upcoming year. Public comment regarding the hearing is also encouraged, and was available, during this time.
“As was shared many times prior to the levy, the school district presents ‘fixed’ financial statistics that are typically very conservative estimates. Our goal is to make sure that if we miss on these estimates it’s always on the side of lower actual tax impact on our community,” states Mike Redmond, Superintendent of Shakopee Public Schools.
The full Truth in Taxation Hearing presentation can be found online in the School Board agenda here. Information on applicable property tax refunds in Scott County, which includes a special property tax refund, will be available later in 2022. Current information is available online here.