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Hennepin Assessor Cuts Best Buy HQ Value in Half, Shrinking Richfield’s Tax Base

The assessor approved Best Buy’s request to lower the Penn Avenue campus assessment, forcing Richfield to fold the loss into upcoming budget and tax-levy decisions.

Best Buy Headquarters in Richfield (KSTP)
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Overview

  • Hennepin County agreed to reduce the assessed value of Best Buy’s Penn Avenue headquarters from about $63 million to roughly $32 million for 2027 after Best Buy requested a review.
  • Richfield officials estimate the change will shrink the city’s commercial tax base by about 5 percent and could shift more of the property-tax burden onto other local owners.
  • The City Council will factor the reduced assessment into its preliminary budget and tax levy in September and its final decisions in December.
  • County assessors set values by comparing similar properties and estimating land and building worth, and owner-initiated reviews can lead to revised valuations.
  • The move reflects a broader, years-long weakness in regional commercial and office values, which Hennepin County reported as a 1.8 percent decline in its 2026 assessment year and adds pressure to Richfield’s budget choices and local taxpayers.