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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…
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