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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
