Excise tax on property insurance premiums levied

There is hereby assessed and imposed on every insurance company, corporation or other insurer in the city, engaged in or carrying on the business of insuring property against loss or damage by fire or tornado, an excise or license tax amounting to 1.85 percent of the gross amount of receipts of premiums from policy holders on all premiums collected on fire and tornado insurance policies covering property within the city.

(Code 1967, § 30-24; Code 1980, § 55-36)