OF DEEP CREEK LAKE April 20, 2017 REAL ESTATE TAX REVENUE - 2017 - PowerPoint PPT Presentation

THE ECONOMIC IMPORTANCE OF DEEP CREEK LAKE April 20, 2017

REAL ESTATE TAX REVENUE - 2017 BUDGETED Balance of County District No. 18 $19.09 Million $23.16 Million Source: Garrett County Finance Office

Garrett County Office Source: MD State Department of Assessments & Taxation, Billions $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 $- $1.77 FY 2002 $0.83 District No. 18 County Total $1.91 FY 2003 $0.94 $2.12 FY 2004 $1.10 ASSESSABLE TAX BASE $2.33 FY 2005 $1.25 $2.66 FY 2006 $1.51 $3.12 FY 2007 $1.87 $3.59 FY 2008 $2.19 $4.01 FY 2009 $2.45 $4.34 FY 2010 $2.64 $4.60 FY 2011 $2.80 $4.65 FY 2012 $2.79 $4.50 FY 2013 $2.65 $4.53 FY 2014 $2.66 $4.25 FY 2015 $2.33 $4.25 FY 2016 $2.31 $4.29 FY 2017 $2.34

Garrett County Office Source: MD State Department of Assessments & Taxation, Billions $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $- $0.83 FY 2002 $0.94 FY 2003 $1.10 FY 2004 ASSESSABLE TAX BASE $1.25 FY 2005 FY 2006 $1.51 (District No. 18) $1.87 FY 2007 FY 2008 $2.19 $2.45 FY 2009 FY 2010 $2.64 $2.80 FY 2011 $2.79 FY 2012 $2.65 FY 2013 $2.66 FY 2014 $2.33 FY 2015 $2.31 FY 2016 FY 2017 $2.34

Source: Garrett County Finance Office *Budgeted Millions $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $- $22.10 FY 2002 District No. 18 County Total $8.31 $23.10 FY 2003 $9.38 REAL ESTATE TAX REVENUE $24.20 FY 2004 $10.95 $26.10 FY 2005 $12.48 $28.20 FY 2006 $14.54 $32.80 FY 2007 $17.99 $37.00 FY 2008 $21.03 $41.40 FY 2009 $23.48 $43.92 FY 2010 $25.05 $46.33 FY 2011 $26.63 $48.15 FY 2012 $26.52 $43.27 FY 2013 $25.74 $43.57 FY 2014 $26.73 $43.03 FY 2015 $22.77 $40.87 FY 2016 $22.40 $42.25 FY 2017* $23.16

Source: Garrett County Finance Office *Budgeted Millions $10.00 $15.00 $20.00 $25.00 $30.00 $5.00 $- $8.31 FY 2002 $9.38 FY 2003 REAL ESTATE TAX REVENUE $10.95 FY 2004 $12.48 FY 2005 $14.54 FY 2006 (District No. 18) $17.99 FY 2007 $21.03 FY 2008 $23.48 FY 2009 $25.05 FY 2010 $26.63 FY 2011 $26.52 FY 2012 $25.74 FY 2013 $26.73 FY 2014 $22.77 FY 2015 FY 2016 $22.40 $23.16 FY 2017*

BUILDING PERMITS (DCL Watershed) $80.0 350 330 320 $70.0 300 298 261 Declared Value (Millions) $60.0 Number of Permits 267 250 250 $50.0 209 200 176 $40.0 159 147 150 131 124 $30.0 146 110 113 100 $20.0 $60.1 $60.5 $64.8 $55.2 $69.8 $52.9 $37.4 $24.9 $32.7 $29.8 $19.7 $22.4 $26.7 $47.4 $19.4 50 $10.0 $- 0 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Source: Garrett County Department of Planning & Land Development, Office of Permits & Inspections

Number of Permits Source: Garrett County Department of Planning & Land Development, Office of Permits & Inspections 100 200 300 400 500 600 700 800 0 738 FY 2002 330 741 FY 2003 320 NUMBER OF BUILDING PERMITS 750 FY 2004 298 714 FY 2005 267 682 FY 2006 261 654 FY 2007 250 525 FY 2008 209 472 FY 2009 146 495 FY 2010 159 380 FY 2011 124 397 FY 2012 147 325 FY 2013 110 DCL Watershed County Total 348 FY 2014 131 487 FY 2015 176 324 FY 2016 113

Millions Source: Garrett County Department of Planning & Land Development, Office of Permits & Inspections Note: Declared value for “County Total” FY 2010 and FY 2014 includes wind turbines. $100.0 $150.0 $200.0 $250.0 $50.0 $- DECLARED VALUE OF BUILDING PERMITS $85.1 FY 2002 DCL Watershed County Total $25.0 $89.3 FY 2003 $28.8 $107.2 FY 2004 $42.4 $107.7 FY 2005 $52.5 $122.4 FY 2006 $52.6 $127.7 FY 2007 $74.8 $75.6 FY 2008 $38.2 $58.2 FY 2009 $33.3 $208.1 FY 2010 $175.4 $47.7 FY 2011 $17.7 $45.4 FY 2012 $17.9 $36.0 FY 2013 $13.6 $89.9 FY 2014 $63.2 $130.3 FY 2015 $82.9 $40.6 FY 2016 $21.2

RESIDENTIAL IMPROVED REAL ESTATE (District No. 18) $120.0 250 229 226 $100.0 200 193 198 182 187 Total Sales (Millions) Number of Sales 159 $80.0 150 $60.0 100 $40.0 50 $20.0 $104.8 $78.3 $96.6 $81.7 $75.8 $77.3 $96.9 $- 0 2010 2011 2012 2013 2014 2015 2016 Source: Maryland Department of Assessments & Taxation, Property Sales Database

NUMBER OF RESIDENTIAL IMPROVED REAL ESTATE SALES 700 Entire County District No. 18 628 600 579 577 500 507 Number of Sales 499 497 452 400 300 229 226 200 198 193 187 182 159 100 0 2010 2011 2012 2013 2014 2015 2016 Source: Maryland Department of Assessments & Taxation, Property Sales Database

TOTAL DOLLAR AMOUNT OF RESIDENTIAL IMPROVED REAL ESTATE SALES $180.0 Entire County District No. 18 $160.0 Total Dollar Amount of Sales (Millions) $140.0 $120.0 $100.0 $80.0 $104.8 $60.0 $96.9 $96.6 $81.7 $78.3 $77.3 $75.8 $40.0 $137.4 $131.3 $132.1 $155.5 $132.8 $148.9 $118.7 $20.0 $- 2010 2011 2012 2013 2014 2015 2016 Source: Maryland Department of Assessments & Taxation, Property Sales Database

RESIDENTIAL UNIMPROVED REAL ESTATE SALES (District No. 18) $25.0 200 185 180 $20.0 160 Total Sales (Millions) 146 140 Number of Sales $15.0 120 109 110 100 $10.0 80 60 60 45 41 $5.0 40 $15.8 $10.0 $17.1 $20.8 $14.0 $8.8 $9.2 20 $- 0 2010 2011 2012 2013 2014 2015 2016 Source: Maryland Department of Assessments & Taxation, Property Sales Database

NUMBER OF RESIDENTIAL UNIMPROVED REAL ESTATE SALES 450 Entire County District No. 18 400 400 350 Nu mber of Sales 331 329 300 278 275 250 266 200 195 185 150 146 100 110 109 50 60 45 41 0 2010 2011 2012 2013 2014 2015 2016 Source: Maryland Department of Assessments & Taxation, Property Sales Database

TOTAL DOLLAR AMOUNT OF RESIDENTIAL UNIMPROVED REAL ESTATE SALES $40.0 Entire County District No. 18 $35.0 Tot al Dollar Amount of Sales (Millions) $30.0 $25.0 $20.0 $15.0 $20.8 $17.1 $15.8 $10.0 $14.0 $10.0 $9.2 $8.8 $29.1 $20.0 $23.7 $28.0 $34.0 $22.4 $16.3 $5.0 $- 2010 2011 2012 2013 2014 2015 2016 Source: Maryland Department of Assessments & Taxation, Property Sales Database

SUMMARY Deep Creek Lake has significant economic impact and helps Garrett County lead the 9-county region by most economic indicators (unemployment, income, etc.). Garrett County Department of Economic Development Frederick A. Thayer, III Courthouse 203 South Fourth Street, Room 208 Oakland, Maryland 21550 PH: (301) 334-1921  FX: (301) 334-7469 Email: economicdevelopment@garrettcounty.org Website: www.gcedonline.com