According to a study titled “The Role of Real Estate in Maryland’s Economy 2013” commissioned by the Maryland Association of REALTORS® (MAR), ten FACTS indicate the importance of real estate transactions to Maryland:
1) Maryland’s real estate industry employed 234,500 in 2012, about 9% of the state total.
2) Real estate contributed $45.2 billion of Maryland’s Gross State Product in 2011.
3) Maryland ranks 11th in terms of Real Estate Tax Burden, about 44% above the national median.
4) Maryland’s per capita Real Estate Tax Burden was $3,152 in 2011, 27% above US median of $2,311.
5) Local real estate taxes generated $7.3 billion, 60% of local government revenue in FY2013, an increase from the 49% share in FY2010.
6) Direct and secondary employment in real estate supports 464,000 jobs in Maryland.
7) Real estate related jobs generates more than $15 billion in wages/salary, more than $66,000 per worker.
8) With multiplier effects, Maryland’s real estate industry contributes over $71 billion to the economy.
9) Real estate contributes $887 million to the state of Maryland in personal property taxes.
10) Maryland ranks 10th among all states for its reliance on Property Taxes as a revenue source.