Daviess County Fiscal Court officially passed an ordinance to lower the tax rate on insurance premiums from 7.2% to 4.9% for property outside Owensboro and Whitesville city limits, effective July 1.
With the rate dropping 2.3 percentage points, taxpayers will save $2.30 off every $100 for their insurance. It’s estimated to save the county citizens $1 million to $2 million dollars altogether.
This ordinance comes after a previous rise in insurance premium tax in 2010 from 4.9% to 8.9% to pay off $20 million in bonds for Fiscal Court’s share of the cost of the Owensboro Convention Center. It was expected that the Court would pay the debt off by 2030. However, after refinancing and paying an additional $500,000 toward the principal in 2014, they cut six years out of the term. The County had still been over-collecting by nearly $100,000 per year.
“I know that this has been a goal of mine and Commissioner Castlen and Commissioner Wathen since we first were elected and Koger when he was elected four years later,” Judge-Executive Al Mattingly said. “It’s very seldom that the government makes a promise and then carries out and that’s what we’re about to do.”
In other business during their meeting, County Commissioners approved the application for the fifth annual Kentucky Pride Fund Household Hazardous Waste Grant which includes a 25% match. It’s projected that the project will cost $40,000, meaning the Court would pay $10,000.
They also signed a contract with The Eric Group for the annual Panther Creek Park Fireworks Event Performance and Production. The fireworks show will be held on Sept. 3, which is Labor Day Weekend.
