Richfield Public Schools board OKs Best Buy's property tax cut

The Richfield school board Monday night voted unanimously to approve a move that could lower property taxes on Best Buy’s corporate headquarters in the city.

The school board approved terminating a 20-year-old agreement that set a minimum property value for the headquarters complex. The Star Tribune reports the vote follows similar approvals by the city of Richfield and Hennepin County.

The school district will receive a one-time, $150,000 payment from Best Buy to offset the lower property taxes.

Best Buy had pushed to end the longstanding agreement, saying its headquarters is half-empty and worth much less than the previously agreed minimum valuation, Star Tribune reporter Josie Albertson-Grove explained on Morning Edition with Cathy Wurzer.

Listen to the full conversation using the audio player above.

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