Best Buy HQ assessed value nearly halves, shifting tax burden in Richfield, city officials warn

The assessed value of Best Buy's headquarters in Richfield dropped from $63 million to $32 million, causing a 5% decline in the city's commercial tax base. City officials warn this shift could increase the tax burden on other property owners, while the Hennepin County Assessor attributed the drop to market conditions like higher office vacancy rates and reduced demand for large campuses.