Massachusetts Macy’s Store Valuation Reduced by State Tax Board

A Macy’s Inc. subsidiary is entitled to a $181,000 property tax abatement because the Boston suburb of Burlington, Mass., overvalued its store for three tax years, a state tax tribunal ruled in an opinion released Friday.

The unanimous Massachusetts Appellate Tax Board held that the store owned by Macy’s Retail Holdings Inc., formerly known as Federated Retail Holdings Inc., was worth $21.3 million for tax years 2020 through 2022. That’s a reduction from the Burlington Board of Assessors’ original assessments of $24.1 million for 2020 and 2021 and $22.6 million for 2022.

• The board’s commissioners agreed with both parties’ ...