The City of Richfield says it’s been notified by Hennepin County that the total assessed value of Best Buy’s headquarters will nearly be cut in half next year.
While the 2026 value of the corporate campus at 7601 Penn Ave. in Richfield will remain around $63 million, Hennepin County has agreed to a substantial reduction at Best Buy’s request that will bring the property’s 2027 value to about $32 million, the city announced Monday.
The assessment reduction will result in a 5% drop in the city’s commercial tax base, shifting more of the burden to other Richfield property owners, including homeowners…