Best Buy’s Tax Cut Hits Richfield Budget | Minneapolis News

Best Buy’s Richfield HQ is facing a massive tax hit—its assessed value plummeting from $63 million to $32 million, slashing the city’s commercial tax base by 5%. With a new CEO taking the reins in November and inflation already straining budgets, Richfield’s leaders are scrambling to plan for 2027. While property taxes won’t automatically spike, the city is navigating a shaky commercial real estate market and balancing affordability with a shrinking revenue stream. City council will approve a preliminary budget and tax levy in September, with final votes in December, carefully weighing all tax sources and property value shifts to keep things fair and sustainable. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/66e5aca2d78d3a50