City Treasurer Marie Laflamme has informed Mayor Richard J. Kos that recent short term borrowing received a net interest cost of .508%. This low interest rate is due to Chicopee’s good credit rating which received the highest short term rating available from Standard & Poor’s at a SP-1+, according to Treasurer Laflamme.

This past July, the City refinanced bonds which were originally issued in 2005, saving the City over $748,000 over the remaining life of those bonds.

“The treasurer’s office has been successful in maintaining our strong financial position through the continuation of established policies and departmental cooperation,” said Treasurer Laflamme.

Mayor Kos also received notice from the Chicopee Board of Assessors indicating that Chicopee will maintain its standing as the community with the second lowest average residential tax bill in Western Massachusetts with only the City of Springfield being lower.

The average tax bill for Chicopee homeowners will be $2,906 in 2016 based upon a $16.91 rate per $1,000 of the assessed value.

Attached is list of Western Massachusetts tax rates and average bills.

“We have rising property values, a substantial home re-sale market, and two on-time regular tax bills which have produced high financial ratings, and a flourishing, stable city,” said Assessor Victor M. Anop. “Chicopee gives its residents and businesses great, dependable services, with low tax rates compared to nearby cities and towns which gives us great living opportunities and advantages our community is proud of,” said Assessor Brian Suchy.

“I want to thank the City Council for their longstanding commitment of addressing the needs of the City of Chicopee while respecting the taxpayer’s ability to pay,” said Mayor Richard Kos. “Chicopee is a desirable community to live in for a multitude of reasons and this just adds to them.”