§ 17-42. Property insurance premiums; excise tax authorized.

(a)

Pursuant to F.S. § 175.101, there is hereby assessed, imposed and levied an excise or license tax on every insurance company, corporation or other insurer who shall engage in or carry on the business of property insurance as shown by the records of the department of insurance amounting to one and eighty-five hundredths (1.85) percent of the gross amount of receipts of premiums from policyholders on all premiums collected on property insurance policies covering property within the city.

(b)

In the case of multiple peril policies with a single premium for both the property and casualty coverages in such policies, seventy (70) percent of such premium shall be used as the basis for the tax assessed, imposed, and levied by (a) above.

(Code 1959, § 20-10(a, b))