Special Meeting to be Scheduled

by admin on March 13, 2019

Mayor Greg Fisher has proposed an increase in insurance premium taxes to cover a predicted $65 million shortfall in state funding due to the pension crisis. Metro must take action by March 22 for any increase to take effect for FY 2020. This is not a proposal to increase property taxes, but in the tax applied to the premiums you pay for certain insurance coverage and charged by your insurance carrier.

Under state law, Norbourne Estates has the authority to set insurance premium tax rates, which it does at the current Louisville Metro rate. If Metro raises the insurance premium tax rate and Norbourne does not, you will be charged the higher rate by your insurance company and the difference will go to Metro. If Norbourne raises the insurance premium tax rate to match the new Metro rate, Norbourne will receive the full tax revenue. Either way, we will all have to pay the higher insurance premium tax rate.

Like Metro, Norbourne must implement any tax increase by March 23 to preserve those tax dollars in our community. We have completed a first reading of an ordinance that will mirror any insurance premium tax increase imposed by Metro. Similarly, if Metro does not implement an increase, Norbourne will not either. This Special Meeting to complete the second reading must be scheduled before March 23. I will post the Special Meeting Notice once we have a confirmed time and location.

Please feel free to email me at Norbournemayor@gmail.com with any questions you have regarding this matter.

Leave a Comment

 

Previous post:

Next post: