City assessor reports 2025 estimated market values, cites downtown office declines

City Assessor Rebecca Monquist told the Minneapolis City Budget Committee on March 24 that the office completed its 2025 assessment of estimated market values for roughly 131,000 properties and mailed value notices on about March 14.

Monquist said the citywide estimated market value decreased by just under 1% to about $64,800,000,000 and that new construction added roughly $700,000,000 to the roll. "We recently completed the assessment of 01/02/2025 of estimated market values for approximately 131,000 properties across the city," Monquist said.

The assessment will be used to calculate payable 2026 property taxes, Monquist said, and the office set values using market sales between October 2023 and September 2024. She noted that residential values rebounded modestly this year while downtown commercial office values fell sharply: "Our office market downtown is down about 22%."

Why this matters: property taxes are the city's largest flexible…