Calculating impact of insurance premium tax increase

The city of Owensboro has added a tax calculator to its Web site to help residents see the impact of a proposed increase in the insurance premium tax. 

The Owensboro City Commission and Daviess Fiscal Court are considering increasing the tax by 4 percentage points – effectively doubling the city’s rate and raising the county rate to 8.9 percent. 

The proposed increase would fund a $79 million package of projects for downtown including a mixed-use indoor events center, a market square plaza, amenities at Smothers Park and changes to downtown streets. 

Some have criticized the proposed increase as ill-timed because of the current economic conditions while supporters have touted the increase and package of projects as essential to the economic development efforts of the community and the vitality of downtown. 

Along with the tax calculator, the city is also offering answers to frequently asked questions about the project and proposed tax increase.


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