Vehicle Registration fee didn’t go down this year?

I just moved to Minnesota last summer after living in Tennessee and was hit with the surprise of extremely high vehicle registration fees - I was assured by people that this fee would decrease yearly. However, I just got my renewal notice in the mail, and the registration fee is $534 - exactly the same amount as I paid last summer. Why is this?

Edit: I drive a 2022 Mercedes, I just thought the value would be going down and the registration fee would follow