Shakopee MN Property Tax Rate – Is It Worth Selling?

Aerial view of a neighborhood in Shakopee

Are you a homeowner in Shakopee, Minnesota looking to sell your house? Are you looking for more info on the Shakopee property tax rate to determine if it’s even worth selling your home?

You’ll find that the average Shakopee property tax rate is 1.15 percent. With low property taxes in various Minnesota counties as compared to the rest of the nation, it makes plenty of sense to sell your home if you want to find good buyers. 

Areas with low property tax rates tend to sell more quickly at fair prices. The property values in Shakopee range from $62,000 to $438,768. Depending on the school district you’re in and your home value, you can make a good amount of profit on the sale.

To learn everything you need to know about the Shakopee property tax rate, read the information below. You will also learn how to sell your house in Shakopee. Are you ready to find out? Then, let’s get started!

Shakopee, MN, Property Tax Rate

Taxpayers can utilize the property tax calculator on the Scott County property taxation department website to find their property tax information and tax rate. The Shakopee, MN, property tax rate for your particular house depends on the home value and any agricultural homestead credits. 

According to MN property tax laws, the agricultural homestead credit is relevant for properties regarded as agricultural except for the garage, house, and first acre. The amount of credit you’ll get for the homestead will depend on the market value of the place.

Property owners can also reduce their total tax payment through residential homestead credits. If the owner or a qualified relative owns and occupies the residence, they qualify for a property tax exemption. 

Generally, the Shakopee property tax rate is 1.15 percent while the Minnesota tax rate is 1.13 percent. Both rates are lower than the average property tax rate across the United States of 1.16 percent. Furthermore, the median home value of Shakopee properties is $252,900, which is higher than the median home value of $211,800 for the entire state of Minnesota.

Therefore, you can likely get a higher final sale price by selling your place in Shakopee. At the same time, the buyers will enjoy the lower tax levy compared to a higher tax burden in major U.S. cities.

Here, you’ll find your annual tax payment using the city you live in and the school district of your home. The property tax calculator provides information for single-family homes and larger residential properties.

Tax Rate in Scott County, MN

Young couple looking at a paper and laptop while discussing the tax rates in Scott County, MN

Your property tax amount will depend on the home assessment from the county assessor in Scott County. Different jurisdictions and counties have separate property tax rates. The county assessor will provide an estimated market value of your home and then you can use that information to determine an approximate real estate tax.

The tax rate in Scott County varies in each city and school district. You can check the property tax calculator for whatever city you’re in. The cities in Scott County include:

  • Belle Plaine City
  • Cedar Lake Township
  • Credit River City
  • Helena Township
  • Prior Lake City
  • Shakopee City
  • And more

While each city has its own tax rate, the median property tax bill in Scott County, MN, is $2,828 yearly for houses with a median valuation of $274,300.

On average, Scott County collects a local tax rate of 1.03 percent based on the home’s assessed fair market value. Scott County residents pay 3.17 percent of their annual income to cover the average yearly property tax. In such cases, you may want to find a residence with a lower property tax rate and sell your house instead. 

The housing market trends in MN show that homes are getting sold faster in Shakopee. For example, the number of days houses get sold on the real estate market decreased by 12.24 percent from 2019 to 2020.

In fact, from 2015 to 2020, the number of days a house was on the market before getting sold declined by 2.35 percent on average each year. In 2020, bidders bought 74 homes in Shakopee at a median of 55 days on the market. That’s a steep decline from the 62 days on the market in 2016.  

Essentially, you can sell your home relatively quickly in Shakopee or other cities in Scott County. If you’re looking for the lowest property tax payments in Minnesota, you may need to move to Koochiching county. However, Scott County still has reasonable rates compared to the pricier city levy rates in Carver County, Minneapolis, and other parts of the state. 

Property Tax Comparison for Cities in Scott County, Minnesota

The Scott County tax rate can vary depending on where your home is located. You will need to use the property tax calculator to check tax data and your final bill using your home’s city in Scott County, the housing market value, and the school district you’re in. 

The property tax rate is lower in Shakopee than in Belle Plaine City. However, the Blakeley Township and the Helena Township tend to have tax rates below that of Shakopee. Yet, each property tax statement also depends on the particular school district of the property. 

Scott County cities are not on the list of the 10 lowest-taxed cities in Minnesota. That is because the county has higher than average property tax rates, reaching third place out of 87 Minnesota counties. However, you may qualify for a tax reduction or a homestead exemption. 

If you are looking to move to a city in Minnesota with a lower tax levy from the local government, then consider any of the following lowest-taxed MN cities.

1. Apple Valley

2. Woodbury

3. Edina 

4. Andover

5. Plymouth

6. Burnsville

7. Eagan

8. Inver Grove Heights

9.  Lakeville

10. Mankato

Any of the cities above will provide you with a better taxable outcome concerning your property.

Should You Sell Your House in Shakopee, MN?

Are you looking to move to a town with a lower property tax rate than Shakopee? Then it might be time to sell your place. You can still get plenty of buyers due to the highly rated school districts here. The area is perfect for families looking to raise their children.

When you decide to sell your house, you will first need to find the right listing agent and do some preliminary real estate market research to price your home appropriately. Before you list your residence on the market, you will likely need to repair and renovate some rooms. 

You may also need to complete some landscaping work in the front yard to improve curb appeal. Next, you’ll need to hire a photographer and potentially a home staging company to ensure you attract buyers.

Afterward, the last steps for the home sale include:

  • Home viewings
  • Negotiating the home sale
  • Closing on the sale with the help of a real estate attorney

Conclusion

The Shakopee property tax rate is one of the higher ones as compared to other cities and counties throughout Minnesota. Nonetheless, Scott County property tax rates are lower than in the rest of the country. 

If you’re looking to move to a place with lower property taxes and want to sell your residence quickly, consider selling to cash home buyers in Minnesota. If you need a reputable buyer for your home, we buy houses Minneapolis homeowners are looking to sell. Contact us today!

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