Page 52 - Garrett County 2024/2025 Visitors Guide

QUALITY OF LIFE: Business Development // Tax Rates
Truck: 131 local and long-distance trucking establishments in Western Maryland; major companies include Pitt Ohio Express, Overnite Transportation Company, Larry Wagner Trucking, Jones Trucking, Marple Trucking, Savage Industries and R&R Trucking.
Water: Served by the Port of Baltimore,
a leading U.S. automobile and break-
bulk port; closest Atlantic port to major midwestern population and manufacturing centers; port for Royal Caribbean and Carnival Cruise lines; seven public terminals, including a state-of-the-art Intermodal Container Transfer Facility and the Cruise Maryland Terminal; 190 miles from Oakland.
Air: Charter service at Garrett County Airport near Deep Creek Lake: runway open 24/7; 5,000’ runway with parallel taxiway; terminal building is handicap- accessible and includes a pilots’ lounge, snack room and lobby area; scheduled services at Morgantown, WV (40
miles from Oakland) and Pittsburgh International Airport (100 miles from Oakland).
UTILITIES
Electricity: Potomac Edison and Somerset Rural Electric Cooperative; customers
of investor-owned utilities and major cooperatives may choose their electric supplier.
Gas: Natural gas is supplied Columbia Gas of Maryland, Inc.; customers may choose their gas supplier.
Water: Municipal systems in Accident, Grantsville and Oakland; county maintains water systems in many other towns/areas.
Sewer: Municipal systems in Accident, Grantsville, Loch Lynn Heights, Mountain Lake Park and Oakland; county maintains systems in many other towns/areas.
Telecommunications: Verizon Maryland primarily offers traditional copper service for voice and data (POTS/PRI/DSL/
DS3); AT&T Wireless and US Cellular are the largest cellular providers; Comcast, Shentel, ProCom, QCol (cable/fiber), and NeuBeam (fixed wireless) provide internet and VOIP services.
Contact the Garrett County Department of Business Development at business@ garrettcounty.org or 301.334.1921.
Garrett Co.
2.65%
Base – federal adjusted gross income; *Graduated rate peaking at 5.75% on taxable income over $300,000
Maryland
Corporate Income Tax (2023)
None
8.25%
Base – federal taxable income
Personal Income Tax (2023)
2.0-5.75%*
Sales & Use Tax (2023)
None
6.0%
Exempt – sales for resale; manufacturer’s purchase of raw materials; manufacturing machinery and equipment; purchases of materials and equipment used in R&D and testing of finished products; purchases of computer programs for reproduction or incorporation into another computer program for resale.
Real Property Tax (2023)
$1.056 $0.112
Effective rate per $100 of assessed value; In an incorporated area, the county rate may vary and a municipal rate will also apply.
Sources: Maryland State Department of Assessments and Taxation; Comptroller of the Treasury
Business Personal Property Tax (2023)
None
None
No county personal property tax on ordinary business property
$2.64/$100 applicable to operating property of utilities and non-utility electric generators
In an incorporated area, a municipal rate may apply; municipal exemptions may be available.
Major Tax Credits Available
Enterprise Zone; Job Creation; More Jobs for Marylanders; R&D; New Jobs; Biotechnology; Garrett County Business Property Tax Credit and Cybersecurity Investment; A&E District
Income (2017-2021)
Percent Households
Distribution
Garrett County
Maryland
U.S.
Under $25,000 17 $50,000-$74,999 20.8 $100,000-$149,999 14.2 $200,000 and over 5.7 Average household $83,627
Source: U.S. Census Bureau
Land – cost per acre
Industrial
$15,000
12.3 17.2 14.7 16.8 19.4 16.3
15 9.5 $120,234 $97,196
$50,000 $30,000
$25,000-$49,999
23.8
14.6
19.6
$75,000-$99,999
13.9
12.6
12.8
$150,000-$199,999
4.6
11.5
7.8
Median household
$58,011
$91,431
$69,021
Per capita
$36,300
$45,915
$37,638
Total income (millions)
$1,036
$275,849
$12,053,372
Market Profile Data (2021)
Low
High
Average
Rental rates – per square foot
Warehouse/Industrial
$5.00
$10.00
$8.00
Flex/R&D/Technology
$10.00
$18.00
$14.00
Source: Garrett County Department of Business Development
50 The Deep Creek Experience