Plymouth redevelopment could ease property tax growth, mayor says

A major redevelopment in Plymouth has raised the site’s assessed value, and it could help slow future property tax increases for homeowners, according to the city’s mayor.

Construction is underway at “The Boulevard” redevelopment on the former Prudential campus in Plymouth, just off I-494 and Bass Lake Road. The 75-acre site is set to include residential, mixed retail and office space when it is finished.

The former Prudential campus hit a 20-year low in assessed value in 2024 at $21 million, the year it was demolished. It is now assessed at $54.8 million for taxes payable in 2027, according to the Hennepin County Assessor’s Office.

Plymouth Mayor Jeffry Wosje said he expects that value to keep climbing.

“Prudential, the assessed tax value, was about $21 million. When this is completed, it’ll be at least six times that, maybe more, and so it’ll definitely add to our tax base,” said Mayor Wosje.

This comes amid w...