The Coffee Bean & Tea Leaf(CBTL), Business strategy case study
The Economic Importance of Deep Creek Lake (10.10.2013)
1. THE ECONOMIC IMPORTANCE
OF DEEP CREEK LAKE
Garrett County
Department of Economic Development
October 10, 2013
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. REAL ESTATE TAX REVENUE - 2013 BUDGETED
Balance of County
$19.18 Million
District No. 18
$25.66 Million
Source: Garrett County Finance Office
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. SUMMARY
Deep Creek Lake has significant economic
impact and helps Garrett County lead the 9county region by most economic indicators
(unemployment, income, etc.).