THE ECONOMIC IMPORTANCE OF DEEP CREEK LAKE Garrett County Department of Economic Development October 10, 2013
Jan 18, 2015
THE ECONOMIC IMPORTANCE OF DEEP CREEK LAKE
Garrett County Department of Economic Development
October 10, 2013
COUNTY TAX REVENUE – 2013 BUDGETED
Source: Garrett County Finance Office
Real Property Tax $43,429,486
72.7% of total revenue
Income Tax $10,100,000
Amusement $700,000
Recordation $1,900,000
Coal Tonnage $170,000
Trailer $38,000
Gas $1,500
Accommodation $1,900,000
Transfer $1,200,000
Ag $7,500 Coal Severance Tax
$30,000 911 $264,000
TOTAL BUDGETED REVENUE: $59,740,486
REAL ESTATE TAX REVENUE - 2013 BUDGETED
Source: Garrett County Finance Office
Balance of County $19.18 Million
District No. 18 $25.66 Million
REAL ESTATE TAX REVENUE
*Budgeted
Source: Garrett County Finance Office
Mill
ion
s
$7
.73
$8
.31
$9
.38
$1
0.9
5
$1
2.4
8
$1
4.5
4
$1
7.9
9
$2
1.0
3
$2
3.4
8
$2
5.0
5
$2
6.6
3
$2
6.5
2
$2
5.6
6
$2
1.2
0
$2
2.1
0
$2
3.1
0
$2
4.2
0
$2
6.1
0
$2
8.2
0
$3
2.8
0
$3
7.0
0
$4
1.4
0
$4
3.9
2
$4
6.3
3
$4
8.1
5
$4
4.8
4
$-
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
FY 2
00
1
FY 2
00
2
FY 2
00
3
FY 2
00
4
FY 2
00
5
FY 2
00
6
FY 2
00
7
FY 2
00
8
FY 2
00
9
FY 2
01
0
FY 2
01
1
FY 2
01
2
FY 2
01
3*
District No. 18
County Total
ASSESSABLE TAX BASE
*Projected
Source: MD State Department of Assessments & Taxation, Garrett County Office
Bill
ion
s
$0
.83
$0
.94
$1
.10
$1
.25
$1
.51
$1
.87
$2
.19
$2
.45
$2
.64
$2
.80
$2
.79
$2
.65
$1
.77
$1
.91
$2
.12
$2
.33
$2
.66
$3
.12
$3
.59
$4
.01
$4
.34
$4
.60
$4
.65
$4
.50
$-
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
$5.00
FY 2
00
2
FY 2
00
3
FY 2
00
4
FY 2
00
5
FY 2
00
6
FY 2
00
7
FY 2
00
8
FY 2
00
9
FY 2
01
0
FY 2
01
1
FY 2
01
2
FY 2
01
3*
District No. 18
County Total
ACCOMMODATIONS TAX REVENUE
*Budgeted
Source: Garrett County Finance Office
Mill
ion
s
$0
.48
$0
.60
$0
.78
$0
.87
$0
.87
$0
.95
$1
.24
$1
.46
$1
.56
$1
.43
$1
.44
$1
.60
$1
.75
$1
.90
$-
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00
FY 2
00
0
FY 2
00
1
FY 2
00
2
FY 2
00
3
FY 2
00
4
FY 2
00
5
FY 2
00
6
FY 2
00
7
FY 2
00
8
FY 2
00
9
FY 2
01
0
FY 2
01
1
FY 2
01
2
FY 2
01
3*
ADMISSIONS & AMUSEMENT TAX REVENUE
*Budgeted
Source: Garrett County Finance Office
Mill
ion
s
$0
.32
$0
.36
$0
.38
$0
.47
$0
.42
$0
.47
$0
.54
$0
.54
$0
.66
$0
.66
$0
.66
$0
.72
$0
.69
$0
.70
$-
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
FY 2
00
0
FY 2
00
1
FY 2
00
2
FY 2
00
3
FY 2
00
4
FY 2
00
5
FY 2
00
6
FY 2
00
7
FY 2
00
8
FY 2
00
9
FY 2
01
0
FY 2
01
1
FY 2
01
2
FY 2
01
3*
RECORDATION & TRANSFER TAX REVENUE
*Budgeted
Source: Garrett County Finance Office
Mill
ion
s
Note: Recordation & Transfer Taxes for District No. 18 are estimated at 60% of County total.
$2
.30
$2
.52
$3
.51
$5
.15
$5
.63
$6
.61
$6
.94
$5
.82
$5
.00
$3
.72
$3
.23
$3
.85
$3
.35
$3
.11
$1
.38
$1
.51
$2
.11
$3
.09
$3
.38
$3
.97
$4
.16
$3
.49
$3
.00
$2
.23
$1
.94
$2
.31
$2
.01
$1
.87
$-
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
FY 2
00
0
FY 2
00
1
FY 2
00
2
FY 2
00
3
FY 2
00
4
FY 2
00
5
FY 2
00
6
FY 2
00
7
FY 2
00
8
FY 2
00
9
FY 2
01
0
FY 2
01
1
FY 2
01
2
FY 2
01
3*
Total Tax
District No. 18
ESTIMATED TOTAL TAX REVENUE (DISTRICT NO. 18)
Source: Garrett County Finance Office
Mill
ion
s
Note: Figures include estimated Real Estate, Accommodations, Admissions & Amusement, & Recordation & Transfer Taxes. Recordation & Transfer Taxes are estimated at 60% of County total.
$1
0.2
0
$1
1.5
8
$1
3.8
1
$1
5.6
2
$1
7.8
7
$2
0.4
8
$2
3.4
8
$2
6.2
5
$2
7.8
0
$2
9.0
9
$3
1.2
6
$3
0.9
7
$3
0.1
3
$-
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
FY 2
00
1
FY 2
00
2
FY 2
00
3
FY 2
00
4
FY 2
00
5
FY 2
00
6
FY 2
00
7
FY 2
00
8
FY 2
00
9
FY 2
01
0
FY 2
01
1
FY 2
01
2
FY 2
01
3*
*Budgeted
BUILDING PERMITS - ENTIRE COUNTY
Source: Garrett County Department of Planning & Land Development, Office of Permits & Inspections
Nu
mb
er of Perm
its D
ecla
red
Val
ue
(Mill
ion
s)
$3
0.6
$3
8.8
$3
7.5
$3
2.1
$4
9.3
$5
9.5
$7
6.9
$8
5.1
$8
9.3
$1
07
.2
$1
07
.7
$1
22
.4
$1
27
.7
$7
5.6
$5
8.2
$2
08
.1
$4
7.7
$4
5.4
445 463
622
488
599
675 728
738
741
750
714 682
654
525
472
496
380
397
0
100
200
300
400
500
600
700
800
$-
$50.0
$100.0
$150.0
$200.0
$250.0
FY 1
99
5
FY 1
99
6
FY 1
99
7
FY 1
99
8
FY 1
99
9
FY 2
00
0
FY 2
00
1
FY 2
00
2
FY 2
00
3
FY 2
00
4
FY 2
00
5
FY 2
00
6
FY 2
00
7
FY 2
00
8
FY 2
00
9
FY 2
01
0
FY 2
01
1
FY 2
01
2
BUILDING PERMITS – DCL WATERSHED
Source: Garrett County Department of Planning & Land Development, Office of Permits & Inspections
Nu
mb
er of Perm
its D
ecla
red
Val
ue
(Mill
ion
s)
318
330
320 298
267 261
250
209
146
159
125
147
0
50
100
150
200
250
300
350
$-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
FY 2
00
1
FY 2
00
2
FY 2
00
3
FY 2
00
4
FY 2
00
5
FY 2
00
6
FY 2
00
7
FY 2
00
8
FY 2
00
9
FY 2
01
0
FY 2
01
1
FY 2
01
2
NUMBER OF BUILDING PERMITS
Source: Garrett County Department of Planning & Land Development, Office of Permits & Inspections
Nu
mb
er o
f Pe
rmit
s
72
8
73
8
74
1
75
0
71
4
68
2
65
4
52
5
47
2
49
6
38
0
39
7
31
8
33
0
32
0
29
8
26
7
26
1
25
0
20
9
14
6
15
9
12
5
14
7
0
100
200
300
400
500
600
700
800
FY 2
00
1
FY 2
00
2
FY 2
00
3
FY 2
00
4
FY 2
00
5
FY 2
00
6
FY 2
00
7
FY 2
00
8
FY 2
00
9
FY 2
01
0
FY 2
01
1
FY 2
01
2
County Total
DCL Watershed
DECLARED VALUE OF BUILDING PERMITS
Source: Garrett County Department of Planning & Land Development, Office of Permits & Inspections
Mill
ion
s
$7
6.9
$8
5.1
$8
9.3
$1
07
.2
$1
07
.7
$1
22
.4
$1
27
.7
$7
5.6
$5
8.2
$2
08
.1
$4
7.7
$4
5.4
$4
9.5
$6
0.1
$6
0.5
$6
4.8
$5
5.2
$6
9.8
$5
3.3
$3
7.4
$2
4.9
$3
2.7
$3
0.0
$1
9.7
$-
$50.0
$100.0
$150.0
$200.0
$250.0
FY 2
00
1
FY 2
00
2
FY 2
00
3
FY 2
00
4
FY 2
00
5
FY 2
00
6
FY 2
00
7
FY 2
00
8
FY 2
00
9
FY 2
01
0
FY 2
01
1
FY 2
01
2
County Total
DCL Watershed
RESIDENTIAL IMPROVED REAL ESTATE SALES – ENTIRE COUNTY
Source: Maryland Department of Assessments & Taxation, Property Sales Database
Tota
l Sal
es (
Mill
ion
s) N
um
ber o
f Sales
$2
4.9
$3
5.5
$3
4.4
$3
6.5
$2
4.2
$3
4.9
$2
4.8
$3
4.8
$2
5.3
92
117
108
135
144
124
103
128 123
0
20
40
60
80
100
120
140
160
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
1st
Qtr
20
11
2n
d Q
tr 2
01
1
3rd
Qtr
20
11
4th
Qtr
20
11
1st
Qtr
20
12
2n
d Q
tr 2
01
2
3rd
Qtr
20
12
4th
Qtr
20
12
1st
Qtr
20
13
RESIDENTIAL IMPROVED REAL ESTATE SALES – DCL WATERSHED
Source: Maryland Department of Assessments & Taxation, Property Sales Database
Tota
l Sal
es (
Mill
ion
s) N
um
ber o
f Sales
$1
8.9
$2
7.1
$2
5.8
$2
4.8
$1
6.1
$2
4.9
$1
5.1
$2
5.6
$1
5.2
$1
2.1
$2
4.0
37
57
50 49
39
53
36
54
40 41
54
0
10
20
30
40
50
60
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
1st
Qtr
20
11
2n
d Q
tr 2
01
1
3rd
Qtr
20
11
4th
Qtr
20
11
1st
Qtr
20
12
2n
d Q
tr 2
01
2
3rd
Qtr
20
12
4th
Qtr
20
12
1st
Qtr
20
13
2n
d Q
tr 2
01
3
3rd
Qtr
20
13
NUMBER OF RESIDENTIAL IMPROVED REAL ESTATE SALES
Source: Maryland Department of Assessments & Taxation, Property Sales Database
Nu
mb
er o
f Sa
les
92
11
7
10
8 1
35
14
4
12
4
10
3 12
8
12
3
11
1
15
4
37
57
50
49
39
53
36
54
40
41
54
55
60
58
86
10
5
71
67
74
83
70
10
0
0
20
40
60
80
100
120
140
160
180
1st
Qtr
20
11
2n
d Q
tr 2
01
1
3rd
Qtr
20
11
4th
Qtr
20
11
1st
Qtr
20
12
2n
d Q
tr 2
01
2
3rd
Qtr
20
12
4th
Qtr
20
12
1st
Qtr
20
13
2n
d Q
tr 2
01
3
3rd
Qtr
20
13
ENTIRE COUNTY
DCL
BALANCE
NUMBER OF RESIDENTIAL IMPROVED REAL ESTATE SALES
Source: Maryland Department of Assessments & Taxation, Property Sales Database
Nu
mb
er o
f Sa
les
92
11
7
10
8 1
35
14
4
12
4
10
3 1
28
12
3
37
57
50
49
39
53
36
54
40
0
20
40
60
80
100
120
140
160
1st
Qtr
20
11
2n
d Q
tr 2
01
1
3rd
Qtr
20
11
4th
Qtr
20
11
1st
Qtr
20
12
2n
d Q
tr 2
01
2
3rd
Qtr
20
12
4th
Qtr
20
12
1st
Qtr
20
13
ENTIRE COUNTY
DCL WATERSHED
TOTAL DOLLAR AMOUNT OF RESIDENTIAL IMPROVED REAL ESTATE SALES
Source: Maryland Department of Assessments & Taxation, Property Sales Database
Tota
l Do
llar
Am
ou
nt
of
Sale
s (M
illio
ns)
$2
4.9
$3
5.5
$3
4.4
$3
6.5
$2
4.2
$3
4.9
$2
4.8
$3
4.8
$2
5.3
$1
8.9
$2
7.1
$2
5.8
$2
4.8
$1
6.1
$2
4.9
$1
5.1
$2
5.6
$1
5.2
$6
.0
$8
.4
$8
.6
$1
1.7
$8
.1
$1
0.0
$9
.7
$9
.2
$1
0.1
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
1st
Qtr
20
11
2n
d Q
tr 2
01
1
3rd
Qtr
20
11
4th
Qtr
20
11
1st
Qtr
20
12
2n
d Q
tr 2
01
2
3rd
Qtr
20
12
4th
Qtr
20
12
1st
Qtr
20
13
ENTIRE COUNTY
DCL WATERSHED
BALANCE OF COUNTY
TOTAL DOLLAR AMOUNT OF RESIDENTIAL IMPROVED REAL ESTATE SALES
Source: Maryland Department of Assessments & Taxation, Property Sales Database
Tota
l Do
llar
Am
ou
nt
of
Sale
s (
Mill
ion
s)
$2
4.9
$3
5.5
$3
4.4
$3
6.5
$2
4.2
$3
4.9
$2
4.8
$3
4.8
$2
5.3
$3
3.1
$3
9.2
$1
8.9
$2
7.1
$2
5.8
$2
4.8
$1
6.1
$2
4.9
$1
5.1
$2
5.6
$1
5.2
$2
0.6
$2
4.0
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
$45.0
1st
Qtr
20
11
2n
d Q
tr 2
01
1
3rd
Qtr
20
11
4th
Qtr
20
11
1st
Qtr
20
12
2n
d Q
tr 2
01
2
3rd
Qtr
20
12
4th
Qtr
20
12
1st
Qtr
20
13
2n
d Q
tr 2
01
3
3rd
Qtr
20
13
ENTIRE COUNTYDCL
RESIDENTIAL UNIMPROVED REAL ESTATE SALES – ENTIRE COUNTY
Source: Maryland Department of Assessments & Taxation, Property Sales Database
Tota
l Sal
es (
Mill
ion
s) N
um
ber o
f Sales
$5
.5
$4
.9
$3
.6
$6
.0 $
7.6
$3
.2 $
4.7
$8
.2
$5
.6
$6
.0 $7
.3
40
60
45 50
96
48 51
71 74 67
78
0
20
40
60
80
100
120
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
1st
Qtr
20
11
2n
d Q
tr 2
01
1
3rd
Qtr
20
11
4th
Qtr
20
11
1st
Qtr
20
12
2n
d Q
tr 2
01
2
3rd
Qtr
20
12
4th
Qtr
20
12
1st
Qtr
20
13
2n
d Q
tr 2
01
3
3rd
Qtr
20
13
RESIDENTIAL UNIMPROVED REAL ESTATE SALES – DCL WATERSHED
Source: Maryland Department of Assessments & Taxation, Property Sales Database
Tota
l Sal
es (
Mill
ion
s)
Nu
mb
er of Sales
$2
.7
$2
.3
$1
.7
$2
.1
$1
.1
$1
.1
$3
.2
$4
.6
$2
.2 $
2.8
$6
.0
11 12
8 10 11
8
12 14
11
16
44
0
5
10
15
20
25
30
35
40
45
50
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
1st
Qtr
20
11
2n
d Q
tr 2
01
1
3rd
Qtr
20
11
4th
Qtr
20
11
1st
Qtr
20
12
2n
d Q
tr 2
01
2
3rd
Qtr
20
12
4th
Qtr
20
12
1st
Qtr
20
13
2n
d Q
tr 2
01
3
3rd
Qtr
20
13
NUMBER OF RESIDENTIAL UNIMPROVED REAL ESTATE SALES
Source: Maryland Department of Assessments & Taxation, Property Sales Database
Nu
mb
er o
f Sa
les
$5
.5
$4
.9
$3
.6
$6
.0 $
7.6
$3
.2 $
4.7
$8
.2
$5
.6
$6
.0 $7
.3
$2
.7
$2
.3
$1
.7
$2
.1
$1
.1
$1
.1 $
3.2
$4
.6
$2
.2
$2
.8
$6
.0
$2
.8
$2
.6
$1
.9 $
3.9
$6
.5
$2
.1
$1
.5 $
3.6
$3
.4
$3
.2
$1
.3
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
1st
Qtr
20
11
2n
d Q
tr 2
01
1
3rd
Qtr
20
11
4th
Qtr
20
11
1st
Qtr
20
12
2n
d Q
tr 2
01
2
3rd
Qtr
20
12
4th
Qtr
20
12
1st
Qtr
20
13
2n
d Q
tr 2
01
3
3rd
Qtr
20
13
ENTIRE COUNTY
DCL
BALANCE
NUMBER OF RESIDENTIAL UNIMPROVED REAL ESTATE SALES
Source: Maryland Department of Assessments & Taxation, Property Sales Database
Nu
mb
er o
f Sa
les
40
60
45
50
96
48
51
71
74
67
78
11
12
8
10
11
8 12
14
11
16
44
0
10
20
30
40
50
60
70
80
90
100
1st
Qtr
20
11
2n
d Q
tr 2
01
1
3rd
Qtr
20
11
4th
Qtr
20
11
1st
Qtr
20
12
2n
d Q
tr 2
01
2
3rd
Qtr
20
12
4th
Qtr
20
12
1st
Qtr
20
13
2n
d Q
tr 2
01
3
3rd
Qtr
20
13
ENTIRE COUNTY
DCL
TOTAL DOLLAR AMOUNT OF RESIDENTIAL UNIMPROVED REAL ESTATE SALES
Source: Maryland Department of Assessments & Taxation, Property Sales Database
Tota
l Do
llar
Am
ou
nt
of
Sale
s (M
illio
ns)
$5
.5
$4
.9
$3
.6
$6
.0 $
7.6
$3
.2 $
4.7
$8
.2
$5
.6
$6
.0 $7
.3
$2
.7
$2
.3
$1
.7
$2
.1
$1
.1
$1
.1 $
3.2
$4
.6
$2
.2
$2
.8
$6
.0
$2
.8
$2
.6
$1
.9 $
3.9
$6
.5
$2
.1
$1
.5
$3
.6
$3
.4
$3
.2
$1
.3
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
1st
Qtr
20
11
2n
d Q
tr 2
01
1
3rd
Qtr
20
11
4th
Qtr
20
11
1st
Qtr
20
12
2n
d Q
tr 2
01
2
3rd
Qtr
20
12
4th
Qtr
20
12
1st
Qtr
20
13
2n
d Q
tr 2
01
3
3rd
Qtr
20
13
ENTIRE COUNTYDCLBALANCE
TOTAL DOLLAR AMOUNT OF RESIDENTIAL UNIMPROVED REAL ESTATE SALES
Source: Maryland Department of Assessments & Taxation, Property Sales Database
Tota
l Do
llar
Am
ou
nt
of
Sale
s (
Mill
ion
s)
$5
.5
$4
.9
$3
.6
$6
.0 $7
.6
$3
.2 $4
.7
$8
.2
$5
.6
$6
.0
$7
.3
$2
.7
$2
.3
$1
.7
$2
.1
$1
.1
$1
.1 $
3.2
$4
.6
$2
.2
$2
.8
$6
.0
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
1st
Qtr
20
11
2n
d Q
tr 2
01
1
3rd
Qtr
20
11
4th
Qtr
20
11
1st
Qtr
20
12
2n
d Q
tr 2
01
2
3rd
Qtr
20
12
4th
Qtr
20
12
1st
Qtr
20
13
2n
d Q
tr 2
01
3
3rd
Qtr
20
13
ENTIRE COUNTY
DCL
Deep Creek Lake has significant economic impact and helps Garrett County lead the 9-county region by most economic indicators (unemployment, income, etc.).
SUMMARY