Macy's Closing Will Not Impact Town's Tax Revenue ... For Now

Town Treasurer predicts no impact unless the site stays shut for a while.

While Belmont Center – and the town – will be losing its largest retail presence when Macy's closes its doors for the final time in less than two months, there will be no impact on tax revenue coming into the town's coffers in the short term, said Belmont's chief tax collector.

"Just like any property, it doesn't matter if it's occupied or empty, the landlord (Kevin Foley, the manager of Locatelli Properties) is responsible for paying the tax," said Floyd Carman, Belmont's Town Treasurer. 

In fact, it will be the state that will feel the pinch with a drop in sales revenues, said Carman. He said since Macy's did not have an in-store restaurant or cafe – which the Filene's that occupied the site before the transfer to the Macy's name once operated – the town would not see a loss in the meals tax.

Yet Carman did say that if the present site – comprised of 75,000 square-feet of space zoned for retail – lies empty for "let's say two years, (Foley) can come to the town and seek an abatement on the value of the property." 


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