From Staff Reports
April 07, 2007 09:25 am
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OAKLAND — According to the latest study done by the Garrett County Board of Realtors, home sales are down this year, but remain steady within the county and continue to provide an important contribution to the real property tax base.
“The study confirms that the real estate economy in Garrett County continues to be a key contributor to the fiscal health and economic soundness of Garrett County,” Tracey Espada, board president, said. “Our board feels that the information from the study is good news to share with the community.”
The report, based on analysis conducted by Frederick E. Flick, LLC, stated that real property provides more than $3.2 billion in assessable tax base and more than 24 percent of the county government’s total revenue.
In 2006, there were 500 brokered property sales in Garrett County, down 63 from 2005, and 287 single-family homes constructed, according to the study. This number dropped from 334 the previous year.
But still, the county continues to grow, as more residents and second homes enter the area.
“And there are all kinds of issues growth ushers in, like preserving the rural landscape,” John Nelson, county director of planning and land development, said. “Certainly the rate of growth has a profound effect on the county, including water and sewer, transportation and roads, services the government body provides.”
Nelson added that the growth still remains focused around the Deep Creek Lake area, but that 40 to 45 percent of the growth occurs outside the lake’s watershed and surrounding area.
The board’s study also showed the contribution that real estate makes in the county, explaining that as new homes are constructed, there is demand for employment and goods such as lumber, insulation, brick and cement, and that homeowners also purchase goods and services such as maintenance, landscaping and home furnishings.
According to the study, new home construction allowed for an estimated $28.4 million in local wages and nearly $15.2 million paid in federal, state and local taxes.
“From 2003 to 2006,” Espada said, “real estate in Garrett County and its related activities has accounted for an annual average of about $27.1 million in direct revenue to the county.”
A copy of the study was provided recently to the county commissioners. Copies of Contribution of Real Estate to the Garrett County Economy can be see online at www.gcbr.org by clicking on Public or by calling (301) 334-8405.
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