Insurance Premium Tax
Insurance Premium Tax: What you need to know!
Did you know that every time you purchase a new insurance policy or renew an existing one you are charged a local government premium tax? This premium tax is included on almost every type of insurance you purchase. With each policy you have your insurer must include the amount of local government premium tax charged for that period and the name of the taxing jurisdiction your premium is to be dedicated.
Local governments rely on insurance premium taxes, it is a significant part of a city or county budget. The City of Middletown relies on this tax to fund many projects, and provide road improvements, new or improved sidewalks, streetlights, as well as many services and events that residents enjoy.
Taxes are never fun to pay but if we must pay them let’s at least make sure we keep them in the Community we live, work, and play!