Insurance premium and property taxes
Where it standsCouncil cut the insurance premium tax from 5% to 4% effective July 1, 2026, and approved a lower combined property tax rate on September 1.
What's on the tableWhether the next council holds, cuts further or repeals the insurance premium tax, and how it sets property tax rates.
- Council adopted Ordinance O-4-2026 setting insurance company license fee rates at 4% on March 10, 2026, by a 6-0 roll call. Florence City Council minutes, March 10, 2026 · Mar 10, 2026
- Councilmember Whalen said the cut would reduce insurance premium tax revenue by about $1 million, with $4 million budgeted and about $5 million on track to be collected. Florence City Council minutes, February 24, 2026 · Feb 24, 2026
- The city says its combined real property tax rate falls from $2.31 to $2.14 per $1,000 of assessed value in 2026. City of Florence press release via LINK nky: property tax rate cut · Sep 9, 2026