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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
Trailer
$38,000
Recordation
$1,900,000

Coal Tonnage
$170,000

Gas
$1,500

Accommodatio...
REAL ESTATE TAX REVENUE - 2013 BUDGETED

Balance of County
$19.18 Million
District No. 18
$25.66 Million

Source: Garrett ...
*Budgeted

Source: Garrett County Finance Office

FY 2013*

FY 2012

FY 2011

FY 2010

FY 2009

$25.66

$26.52

$26.63

$2...
*Projected

Source: MD State Department of Assessments & Taxation,
Garrett County Office

FY 2013*

FY 2012

$2.65

$2.79
...
*Budgeted

Source: Garrett County Finance Office

FY 2013*

$1.90

$1.75

$1.00

FY 2012

$1.60

$1.44

FY 2010
FY 2011

$...
*Budgeted

Source: Garrett County Finance Office

$0.69
$0.70

FY 2012
FY 2013*

$0.66

FY 2010

$0.72

$0.66

FY 2009

FY...
$-

*Budgeted

Source: Garrett County Finance Office

$3.72
$2.23
$3.23
$1.94
$3.85
$2.31
$3.35
$2.01
$3.11
$1.87

FY 2010...
ESTIMATED TOTAL TAX REVENUE
(DISTRICT NO. 18)
$35.00
$30.00

$30.97

$30.13

FY 2012

FY 2013*

$29.09
FY 2010

$31.26

$2...
Source: Garrett County Department of Planning & Land Development, Office of Permits & Inspections

$45.4

$47.7

472

FY 2...
BUILDING PERMITS – DCL WATERSHED
$80.0
$70.0

350

330
320

318

298
261

$60.0

267

250

250

$50.0

209

200

$40.0

15...
NUMBER OF BUILDING PERMITS
800

County Total
DCL Watershed

700

147

397
125

159

146

380

472
209

250

261

100

267
...
$107.2
$64.8
$107.7
$55.2

FY 2004
FY 2005

Source: Garrett County Department of Planning & Land Development, Office of Pe...
RESIDENTIAL IMPROVED REAL ESTATE SALES – ENTIRE COUNTY
$40.0

160
144

$35.0

124

108

$25.0

140
123

103

120
100
80

$...
Source: Maryland Department of Assessments & Taxation, Property Sales Database

$24.0

40

$5.0

3rd Qtr 2013

39

$12.1

...
Source: Maryland Department of Assessments & Taxation, Property Sales Database

3rd Qtr 2013

100

111

123

154

128

103...
NUMBER OF RESIDENTIAL IMPROVED REAL ESTATE SALES
160

ENTIRE COUNTY
DCL WATERSHED

140

36

40

123
54

53

39

49

103

1...
Source: Maryland Department of Assessments & Taxation, Property Sales Database

1st Qtr 2013

4th Qtr 2012

$15.2
$10.1

$...
$15.0

$10.0

Source: Maryland Department of Assessments & Taxation, Property Sales Database

3rd Qtr 2013

2nd Qtr 2013

...
RESIDENTIAL UNIMPROVED REAL ESTATE SALES – ENTIRE COUNTY
$9.0

120

$8.0
100

96

$7.0

78

$3.2

60
$7.3

48

$6.0
$3.6

...
RESIDENTIAL UNIMPROVED REAL ESTATE SALES – DCL WATERSHED
$7.0

50
45

44

$6.0

40
35
30

$4.0

$4.6
8

20
15

11

10

$2....
Source: Maryland Department of Assessments & Taxation, Property Sales Database

3rd Qtr 2013

$8.0

2nd Qtr 2013

$8.2

$4...
Source: Maryland Department of Assessments & Taxation, Property Sales Database

3rd Qtr 2013

44

67
78

74

71

90

16

1...
$-

Source: Maryland Department of Assessments & Taxation, Property Sales Database

$1.3

$7.3
$6.0

$8.0

$6.0

$8.2

$9....
Source: Maryland Department of Assessments & Taxation, Property Sales Database

3rd Qtr 2013

2nd Qtr 2013

$2.8

$8.2

$7...
SUMMARY
Deep Creek Lake has significant economic
impact and helps Garrett County lead the 9county region by most economic ...
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The Economic Importance of Deep Creek Lake (10.10.2013)

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The Economic Importance of Deep Creek Lake (10.10.2013)

  1. 1. THE ECONOMIC IMPORTANCE OF DEEP CREEK LAKE Garrett County Department of Economic Development October 10, 2013
  2. 2. COUNTY TAX REVENUE – 2013 BUDGETED Trailer $38,000 Recordation $1,900,000 Coal Tonnage $170,000 Gas $1,500 Accommodation $1,900,000 Transfer $1,200,000 Ag $7,500 Coal Severance Tax $30,000 911 $264,000 Amusement $700,000 Income Tax $10,100,000 TOTAL BUDGETED REVENUE: $59,740,486 Source: Garrett County Finance Office Real Property Tax $43,429,486 72.7% of total revenue
  3. 3. REAL ESTATE TAX REVENUE - 2013 BUDGETED Balance of County $19.18 Million District No. 18 $25.66 Million Source: Garrett County Finance Office
  4. 4. *Budgeted Source: Garrett County Finance Office FY 2013* FY 2012 FY 2011 FY 2010 FY 2009 $25.66 $26.52 $26.63 $25.05 $44.84 $48.15 $46.33 $43.92 $41.40 $37.00 $23.48 $21.03 $32.80 $20.00 FY 2008 $17.99 $14.54 $28.20 FY 2006 FY 2007 $12.48 $26.10 FY 2005 $23.10 $22.10 $9.38 $8.31 $10.95 $24.20 $FY 2004 FY 2003 $10.00 $7.73 $21.20 $60.00 FY 2002 FY 2001 Millions REAL ESTATE TAX REVENUE District No. 18 County Total $50.00 $40.00 $30.00
  5. 5. *Projected Source: MD State Department of Assessments & Taxation, Garrett County Office FY 2013* FY 2012 $2.65 $2.79 $2.80 $2.64 $4.50 $4.65 $4.60 $4.34 $4.01 $3.59 $2.50 FY 2011 FY 2010 $2.45 $2.19 $3.12 $2.66 $1.87 $1.51 $2.00 FY 2009 FY 2008 FY 2007 FY 2006 $1.25 $2.33 FY 2005 $$1.10 $2.12 $0.50 FY 2004 $1.00 $0.94 $1.91 $1.50 FY 2003 $4.50 $0.83 $1.77 FY 2002 Billions ASSESSABLE TAX BASE $5.00 District No. 18 County Total $4.00 $3.50 $3.00
  6. 6. *Budgeted Source: Garrett County Finance Office FY 2013* $1.90 $1.75 $1.00 FY 2012 $1.60 $1.44 FY 2010 FY 2011 $1.43 $1.56 FY 2009 FY 2008 $1.46 $0.80 FY 2007 $1.24 $0.95 FY 2005 FY 2006 $0.87 FY 2004 $$0.87 $0.78 $0.60 $0.60 FY 2003 FY 2002 $0.20 $0.48 $0.40 FY 2001 FY 2000 Millions ACCOMMODATIONS TAX REVENUE $2.00 $1.80 $1.60 $1.40 $1.20
  7. 7. *Budgeted Source: Garrett County Finance Office $0.69 $0.70 FY 2012 FY 2013* $0.66 FY 2010 $0.72 $0.66 FY 2009 FY 2011 $0.66 $0.54 FY 2007 $0.40 FY 2008 $0.54 $0.47 $0.42 FY 2006 FY 2005 FY 2004 $0.47 $0.30 FY 2003 $0.38 FY 2002 $$0.36 $0.10 FY 2001 $0.20 $0.32 FY 2000 Millions ADMISSIONS & AMUSEMENT TAX REVENUE $0.80 $0.70 $0.60 $0.50
  8. 8. $- *Budgeted Source: Garrett County Finance Office $3.72 $2.23 $3.23 $1.94 $3.85 $2.31 $3.35 $2.01 $3.11 $1.87 FY 2010 FY 2011 FY 2012 FY 2013* $3.00 $5.00 $3.49 $6.94 $6.61 $5.82 $4.16 FY 2009 FY 2008 FY 2007 FY 2006 $3.97 $3.38 $5.63 $4.00 FY 2005 FY 2004 $3.09 $5.15 $3.00 FY 2003 $3.51 $2.11 $2.00 FY 2002 $2.52 $1.51 $1.00 FY 2001 $7.00 $2.30 $1.38 FY 2000 Millions RECORDATION & TRANSFER TAX REVENUE $8.00 Total Tax District No. 18 $6.00 $5.00 Note: Recordation & Transfer Taxes for District No. 18 are estimated at 60% of County total.
  9. 9. ESTIMATED TOTAL TAX REVENUE (DISTRICT NO. 18) $35.00 $30.00 $30.97 $30.13 FY 2012 FY 2013* $29.09 FY 2010 $31.26 $27.80 FY 2009 FY 2011 $26.25 FY 2008 $20.48 $17.87 $11.58 FY 2002 $5.00 $10.20 FY 2001 $10.00 $15.62 $15.00 $23.48 $20.00 $13.81 Millions $25.00 *Budgeted Source: Garrett County Finance Office FY 2007 FY 2006 FY 2005 FY 2004 FY 2003 $- Note: Figures include estimated Real Estate, Accommodations, Admissions & Amusement, & Recordation & Transfer Taxes. Recordation & Transfer Taxes are estimated at 60% of County total.
  10. 10. Source: Garrett County Department of Planning & Land Development, Office of Permits & Inspections $45.4 $47.7 472 FY 2012 FY 2011 $100.0 $208.1 525 FY 2010 $58.2 488 FY 2009 $75.6 $127.7 599 FY 2008 FY 2007 $122.4 714 FY 2006 622 $107.7 741 FY 2005 $107.2 738 FY 2004 $89.3 $85.1 728 FY 2003 FY 2002 $50.0 $76.9 $59.5 $49.3 675 FY 2001 FY 2000 FY 1999 463 $32.1 445 FY 1998 $37.5 $200.0 FY 1997 $38.8 $150.0 FY 1996 $30.6 $250.0 682 654 496 500 397 $400 380 300 200 100 0 Number of Permits FY 1995 Declared Value (Millions) BUILDING PERMITS - ENTIRE COUNTY 800 750 700 600
  11. 11. BUILDING PERMITS – DCL WATERSHED $80.0 $70.0 350 330 320 318 298 261 $60.0 267 250 250 $50.0 209 200 $40.0 159 $30.0 147 146 150 125 100 $20.0 50 $10.0 Source: Garrett County Department of Planning & Land Development, Office of Permits & Inspections FY 2012 FY 2011 FY 2010 FY 2009 FY 2008 FY 2007 FY 2006 FY 2005 FY 2004 FY 2003 FY 2002 0 FY 2001 $- Number of Permits Declared Value (Millions) 300
  12. 12. NUMBER OF BUILDING PERMITS 800 County Total DCL Watershed 700 147 397 125 159 146 380 472 209 250 261 100 267 298 320 330 318 200 525 300 496 654 682 714 741 738 400 750 500 728 Number of Permits 600 Source: Garrett County Department of Planning & Land Development, Office of Permits & Inspections FY 2012 FY 2011 FY 2010 FY 2009 FY 2008 FY 2007 FY 2006 FY 2005 FY 2004 FY 2003 FY 2002 FY 2001 0
  13. 13. $107.2 $64.8 $107.7 $55.2 FY 2004 FY 2005 Source: Garrett County Department of Planning & Land Development, Office of Permits & Inspections $47.7 $30.0 $45.4 $19.7 FY 2011 FY 2012 $32.7 $58.2 $24.9 FY 2009 $208.1 $100.0 FY 2010 $75.6 $37.4 $53.3 $127.7 FY 2008 FY 2007 $122.4 $69.8 $89.3 $60.5 FY 2003 $250.0 FY 2006 $85.1 $60.1 $FY 2002 $50.0 $76.9 $49.5 FY 2001 Millions DECLARED VALUE OF BUILDING PERMITS County Total DCL Watershed $200.0 $150.0
  14. 14. RESIDENTIAL IMPROVED REAL ESTATE SALES – ENTIRE COUNTY $40.0 160 144 $35.0 124 108 $25.0 140 123 103 120 100 80 $25.3 $24.8 $34.8 $34.9 $36.5 $24.2 $10.0 $24.9 $15.0 $35.5 $20.0 $34.4 92 60 40 Source: Maryland Department of Assessments & Taxation, Property Sales Database 1st Qtr 2013 4th Qtr 2012 3rd Qtr 2012 2nd Qtr 2012 1st Qtr 2012 4th Qtr 2011 0 3rd Qtr 2011 $2nd Qtr 2011 20 1st Qtr 2011 $5.0 Number of Sales Total Sales (Millions) 135 117 $30.0 128
  15. 15. Source: Maryland Department of Assessments & Taxation, Property Sales Database $24.0 40 $5.0 3rd Qtr 2013 39 $12.1 49 2nd Qtr 2013 $15.2 $25.6 53 1st Qtr 2013 4th Qtr 2012 $15.1 37 3rd Qtr 2012 $25.0 $24.9 57 2nd Qtr 2012 $16.1 $24.8 $25.8 50 1st Qtr 2012 4th Qtr 2011 3rd Qtr 2011 $10.0 $27.1 $15.0 2nd Qtr 2011 $20.0 $18.9 $30.0 54 41 36 30 $20 10 0 Number of Sales 1st Qtr 2011 Total Sales (Millions) RESIDENTIAL IMPROVED REAL ESTATE SALES – DCL WATERSHED 60 54 50 40
  16. 16. Source: Maryland Department of Assessments & Taxation, Property Sales Database 3rd Qtr 2013 100 111 123 154 128 103 83 74 70 54 41 2nd Qtr 2013 54 67 71 124 144 160 40 36 53 105 86 135 180 1st Qtr 2013 4th Qtr 2012 3rd Qtr 2012 2nd Qtr 2012 39 49 4th Qtr 2011 108 117 80 1st Qtr 2012 50 58 3rd Qtr 2011 0 57 60 55 20 92 40 37 60 2nd Qtr 2011 1st Qtr 2011 Number of Sales NUMBER OF RESIDENTIAL IMPROVED REAL ESTATE SALES ENTIRE COUNTY DCL BALANCE 140 120 100
  17. 17. NUMBER OF RESIDENTIAL IMPROVED REAL ESTATE SALES 160 ENTIRE COUNTY DCL WATERSHED 140 36 40 123 54 53 39 49 103 124 135 50 20 37 57 40 108 117 60 144 80 128 100 92 Number of Sales 120 Source: Maryland Department of Assessments & Taxation, Property Sales Database 1st Qtr 2013 4th Qtr 2012 3rd Qtr 2012 2nd Qtr 2012 1st Qtr 2012 4th Qtr 2011 3rd Qtr 2011 2nd Qtr 2011 1st Qtr 2011 0
  18. 18. Source: Maryland Department of Assessments & Taxation, Property Sales Database 1st Qtr 2013 4th Qtr 2012 $15.2 $10.1 $9.2 $25.3 $25.6 $24.8 $24.9 $24.2 $24.8 $34.8 $34.9 $36.5 $35.0 $15.1 $9.7 $10.0 $8.1 $16.1 $11.7 $8.6 $25.8 $34.4 $27.1 $35.5 $40.0 3rd Qtr 2012 2nd Qtr 2012 1st Qtr 2012 4th Qtr 2011 3rd Qtr 2011 $5.0 $8.4 $10.0 $6.0 $15.0 $24.9 $18.9 $20.0 2nd Qtr 2011 1st Qtr 2011 Total Dollar Amount of Sales (Millions) TOTAL DOLLAR AMOUNT OF RESIDENTIAL IMPROVED REAL ESTATE SALES ENTIRE COUNTY DCL WATERSHED BALANCE OF COUNTY $30.0 $25.0 $-
  19. 19. $15.0 $10.0 Source: Maryland Department of Assessments & Taxation, Property Sales Database 3rd Qtr 2013 2nd Qtr 2013 $24.0 $20.6 $39.2 $33.1 $25.3 $15.2 $34.8 $25.6 $24.8 $15.1 $34.9 $24.9 $24.2 $16.1 $24.8 $36.5 $45.0 1st Qtr 2013 4th Qtr 2012 3rd Qtr 2012 2nd Qtr 2012 1st Qtr 2012 4th Qtr 2011 $34.4 $25.8 $3rd Qtr 2011 $5.0 $35.5 $27.1 $24.9 $18.9 $20.0 2nd Qtr 2011 1st Qtr 2011 Total Dollar Amount of Sales (Millions) TOTAL DOLLAR AMOUNT OF RESIDENTIAL IMPROVED REAL ESTATE SALES ENTIRE COUNTY DCL $40.0 $35.0 $30.0 $25.0
  20. 20. RESIDENTIAL UNIMPROVED REAL ESTATE SALES – ENTIRE COUNTY $9.0 120 $8.0 100 96 $7.0 78 $3.2 60 $7.3 48 $6.0 $3.6 $4.9 $2.0 $5.5 $3.0 50 80 67 $6.0 45 40 51 $5.6 $4.0 $7.6 60 $4.7 $5.0 74 $8.2 71 40 20 $1.0 Source: Maryland Department of Assessments & Taxation, Property Sales Database 3rd Qtr 2013 2nd Qtr 2013 1st Qtr 2013 4th Qtr 2012 3rd Qtr 2012 2nd Qtr 2012 1st Qtr 2012 4th Qtr 2011 3rd Qtr 2011 2nd Qtr 2011 0 1st Qtr 2011 $- Number of Sales Total Sales (Millions) $6.0
  21. 21. RESIDENTIAL UNIMPROVED REAL ESTATE SALES – DCL WATERSHED $7.0 50 45 44 $6.0 40 35 30 $4.0 $4.6 8 20 15 11 10 $2.2 11 14 $3.2 10 12 $1.1 $1.7 $2.3 $1.0 $2.7 8 $1.1 12 $2.1 11 16 $2.8 $3.0 $2.0 $6.0 25 5 Source: Maryland Department of Assessments & Taxation, Property Sales Database 3rd Qtr 2013 2nd Qtr 2013 1st Qtr 2013 4th Qtr 2012 3rd Qtr 2012 2nd Qtr 2012 1st Qtr 2012 4th Qtr 2011 3rd Qtr 2011 2nd Qtr 2011 0 1st Qtr 2011 $- Number of Sales Total Sales (Millions) $5.0
  22. 22. Source: Maryland Department of Assessments & Taxation, Property Sales Database 3rd Qtr 2013 $8.0 2nd Qtr 2013 $8.2 $4.6 $3.6 $5.6 $2.2 $3.4 $6.0 $2.8 $3.2 $7.3 $6.0 $1.3 $3.2 $1.1 $2.1 $4.7 $3.2 $1.5 $6.5 $7.6 $9.0 1st Qtr 2013 4th Qtr 2012 3rd Qtr 2012 2nd Qtr 2012 1st Qtr 2012 $3.9 $6.0 $4.0 $1.1 $2.1 3rd Qtr 2011 $4.9 4th Qtr 2011 $$2.3 $2.6 $3.6 $1.7 $1.9 $1.0 2nd Qtr 2011 $2.0 $5.5 $3.0 $2.7 $2.8 1st Qtr 2011 Number of Sales NUMBER OF RESIDENTIAL UNIMPROVED REAL ESTATE SALES ENTIRE COUNTY DCL BALANCE $7.0 $6.0 $5.0
  23. 23. Source: Maryland Department of Assessments & Taxation, Property Sales Database 3rd Qtr 2013 44 67 78 74 71 90 16 11 51 96 100 2nd Qtr 2013 1st Qtr 2013 14 12 8 48 50 45 40 4th Qtr 2012 3rd Qtr 2012 2nd Qtr 2012 11 10 8 12 60 50 1st Qtr 2012 4th Qtr 2011 3rd Qtr 2011 10 11 20 40 30 2nd Qtr 2011 1st Qtr 2011 Number of Sales NUMBER OF RESIDENTIAL UNIMPROVED REAL ESTATE SALES ENTIRE COUNTY DCL 80 70 60 0
  24. 24. $- Source: Maryland Department of Assessments & Taxation, Property Sales Database $1.3 $7.3 $6.0 $8.0 $6.0 $8.2 $9.0 3rd Qtr 2013 $2.8 $3.2 2nd Qtr 2013 $5.6 $4.6 $3.6 $7.6 $6.5 $6.0 $4.7 $2.2 $3.4 $1.5 $3.2 1st Qtr 2013 4th Qtr 2012 3rd Qtr 2012 $1.1 $2.1 2nd Qtr 2012 $3.9 $3.2 $1.1 $2.1 4th Qtr 2011 $3.6 $4.9 $4.0 1st Qtr 2012 $1.7 $1.9 3rd Qtr 2011 $2.3 $2.6 $1.0 2nd Qtr 2011 $2.0 $5.5 $3.0 $2.7 $2.8 1st Qtr 2011 Total Dollar Amount of Sales (Millions) TOTAL DOLLAR AMOUNT OF RESIDENTIAL UNIMPROVED REAL ESTATE SALES ENTIRE COUNTY DCL BALANCE $7.0 $6.0 $5.0
  25. 25. Source: Maryland Department of Assessments & Taxation, Property Sales Database 3rd Qtr 2013 2nd Qtr 2013 $2.8 $8.2 $7.3 $6.0 $6.0 $5.6 $4.6 $4.7 $3.2 $2.2 $1.1 $3.2 $7.6 $6.0 $9.0 1st Qtr 2013 4th Qtr 2012 3rd Qtr 2012 2nd Qtr 2012 $1.1 $2.1 $1.7 $3.6 $2.3 $4.9 $4.0 1st Qtr 2012 4th Qtr 2011 3rd Qtr 2011 2nd Qtr 2011 $1.0 $2.7 $2.0 $5.5 $3.0 1st Qtr 2011 Total Dollar Amount of Sales (Millions) TOTAL DOLLAR AMOUNT OF RESIDENTIAL UNIMPROVED REAL ESTATE SALES ENTIRE COUNTY DCL $8.0 $7.0 $6.0 $5.0 $-
  26. 26. SUMMARY Deep Creek Lake has significant economic impact and helps Garrett County lead the 9county region by most economic indicators (unemployment, income, etc.).

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