Minneapolis assessor reports modest rise in citywide value, steep downtown commercial declines and nearly $13 billion tied up in appeals

Summary

City Assessor Rebecca Malmquist told the Board of Estimate and Taxation that the city—stimated market value rose by just under 0.5% to $65.2 billion for 2026, new construction added roughly $480 million, downtown commercial values fell sharply and the office has nearly $13 billion in value under appeal.

Rebecca Malmquist, Minneapolis city assessor, told the Board of Estimate and Taxation on March 25 that the city—s overall estimated market value (EMV) increased by "just under one half of a percent" for 2026, bringing the roll to about $65.2 billion.

Malmquist said the office completed the 01/02/2026 assessment of roughly 131,000 properties and mailed value notices March 13. She emphasized the assessment uses sales from Oct. 2024 through Sept. 2025 and that those 2026 values will be the basis for property taxes payable in 2027.

"This is an annual process and is dictated in state statute," Malmquist said, and she reviewed the mechanics of converting market value to tax capacity, noting that residential properties account for more than 64% of market value but just over 55% of tax capacity after class rates are applied.

Among the numbers Malmquist…

Minneapolis assessor reports modest rise in citywide value, steep downtown commercial declines and nearly $13 billion tied up in appeals

Summary

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