Town of Summerville Planning Area - BCD Council of Governments

increase in the county as a whole was much higher (nearly 76% between 2004 and 2009.). The increase inproperty values was due, in large part, to the nationwide increase in housing values in the period that endedin advance of the recession that began in late 2007 which also affected Summerville and the metroCharleston region. Table ED16 shows the property values within the Town limits of Summerville brokendown by each of the counties that Summerville is a part of.Table ED15: Comparison of Property Values in Dorchester County Section ofSummerville and Dorchester County. 1999‐2009RealProperty ValueAppraisedProperty Value% ofCountyRealValue% ofCountyAppraisedValueMean RealPropertyValue% increasein MeanRealPropertyValueSummerville1999 $926,807,298 $43,432,934 31.5% 32.5% $99,506.902004 $1,219,333,533 $56,717,218 31.9% 32.7% $104,439.70 5.0%2009 $2,528,972,192 $118,593,548 30.8% 31.3% $170,014.94 62.8%DorchesterCounty1999 $2,940,424,579 $133,780,790 $59,797.542004 $3,819,658,205 $173,708,624 $68,210.62 14.1%2009 $8,222,181,558 $378,406,828 $119,752.13 75.6%Source: Dorchester County AssessorTable ED16: Assessed and Real Property Values in Summerville 2009Summerville/Berkeley% Summerville/Dorchester% Summerville/Charleston% SummervilleTotalAssessed $22,148,310 4.2% $118,593,548 31.3% $3,934,230 0.15% $144,676,088PropertyValueReal $415,336,460 3.7% $2,528,972,192 30.8% $85,418,600 0.16% $3,029,727,252PropertyValueSource: Berkeley County Assessor, Dorchester County Assessor, Charleston County AssessorBanksAnother way to assess the economic power of a community is by looking at monies deposited in acommunity’s financial institutions. While there are no banks based in the Summerville Planning Area,according to the Federal Deposit Insurance Corporation (FDIC), approximately $863,013,000 is on deposit atEconomic Development Element Page 26