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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 Garrett County Department of Economic Development October 10, 2013
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Page 1: The Economic Importance of Deep Creek Lake (10.10.2013)

THE ECONOMIC IMPORTANCE OF DEEP CREEK LAKE

Garrett County Department of Economic Development

October 10, 2013

Page 2: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 3: The Economic Importance of Deep Creek Lake (10.10.2013)

REAL ESTATE TAX REVENUE - 2013 BUDGETED

Source: Garrett County Finance Office

Balance of County $19.18 Million

District No. 18 $25.66 Million

Page 4: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 5: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 6: The Economic Importance of Deep Creek Lake (10.10.2013)

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*

Page 7: The Economic Importance of Deep Creek Lake (10.10.2013)

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*

Page 8: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 9: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 10: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 11: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 12: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 13: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 14: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 15: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 16: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 17: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 18: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 19: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 20: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 21: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 22: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 23: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 24: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 25: The Economic Importance of Deep Creek Lake (10.10.2013)

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

Page 26: The Economic Importance of Deep Creek Lake (10.10.2013)

Deep Creek Lake has significant economic impact and helps Garrett County lead the 9-county region by most economic indicators (unemployment, income, etc.).

SUMMARY


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