Maryland's Lower Eastern Shore--A Great Place to Do Business!

Business Environment


Worcester County, MD Hartford/New Britain, CT Nassau/Suffolk, NY Newark, NJ Philadelphia, PA Norfolk, VA Goldsboro, NC Florence, SC
Rent $62,500 $87,500 $87,500 $125,000 $118,750 $112,500 $75,000 $75,000
Utilities $92,045 $133,512 $148,540 $136,300 $135,220 $82,848 $85,882 $92,341
Real Property Taxes $9,500* $17,500 $43,750 $22,500 $18,750 $10,000 $6,700 $8,300
Corporate Personal Property Taxes $18,500* $7,150 $0 $0 $0 $32,000 $24,400 $4,410
Insurance (Fire & Liability) $2,000 $5,000 $5,000 4,375 $5,000 $2,500 $2,000 $2,000
Labor $977,600 $1.464 M $1.192M $1.392M $1.414M $1.178M $1.071M $1.040M
Unemployment Insurance $7,650 $26,400 $14,350 $23,250 $15,600 $3,600 $4,235 $7,000
Workers' Compensation $23,462 $59,598 $55,659 $42,286 $55,303 $22,624 $25,389 $29,848
Total $1.193M $1.800M $1.546M $1.751M $1.763M $1.444M $1.395M $1.259M
Assumptions: 1) 25,000 sq. ft. bldg. in suburbs; 2) triple net lease (average price); 3) 300 kw/120 MWH, no incentive rates; 4) original cost of machinery & equipment (not depreciated) $2 million, original cost of office equipment $100,000; 5) no tax incentives, 6) 50 employees @ average manufacturing wage; 7) Unemployment Ins: 50 employees @ average employer contribution rate as a percent of taxable wages; 8) Worker's comp: average comparative cost for manufacturers
* Note: Tax exemptions would reduce real and personal property tax liability to approximately $5,000/year for the first five years. The real property tax exemption phases out over the next five years so in the eleventh year the liability would be $9,500. The personal property tax exemption phases out over the next three years so in the eighth and subsequent years, after full depreciation, the liability would be $18,500. Virginia and North Carolina cannot offer tax abatements; South Carolina can offer tax abatements on the county portion only (20% of tax liability). Of course, equipment can be depreciated in Virginia, North Carolina and South Carolina; depreciation schedules vary.

Source: Worcester County Economic Development Department


Maryland's Lower Eastern Shore Business Environment