(A) There is hereby assessed, imposed, and levied on every insurance company, corporation, or other insurer now engaging in or carrying on, or which shall hereafter engage in or carry on the business of property insurance, as shown by the records of the Insurance Commissioner of the state, an excise or local business tax in addition to any local business for excise tax now levied by the city, which shall be in the amount of 2% of the gross amount of receipts of premiums from policyholders on all premiums collected on property insurance policies covering property within the corporate limits of the city.
(B) The local business or excise tax herein levied shall be due and payable annually on March 1 of each year hereafter.
('69 Code, § 11-43) (Ord. 376, passed 9-26-74; Am. Ord. 1576, passed 4-18-07) Penalty, see § 120.99