Talbot County has been named the best place in Maryland for small business owners by SmartAsset, an online resource for financial advice. Talbot County has maintained the number one ranking since 2019.
Three factors influenced the ranking. Researchers assessed the proportion of people in the county with small business income, how much business income those people reported, and the amount of tax a resident must pay on their income.
SmartAsset examined the number of tax returns based on income from small businesses as compared to the total population, as well as the tax burden across counties. Talbot County has the lowest real property tax and the second-lowest income tax in the state, and the second highest number of small business returns. Overall, Talbot County small business returns account for 32.29% of total tax returns as compared to a state average of 24.69%.
It’s no surprise to many that Talbot County is business-friendly.
“We have a robust tourism economy, a loyal base of local supporters, and a favorable tax structure,” says Cassandra Vanhooser, director of economic development and tourism for Talbot County. “Small businesses also have access to many resources designed to help them succeed and grow, including this department, the Small Business Development Center, the Chamber of Commerce, and our local business associations.
“Small businesses form the backbone and complexion of our community,” Vanhooser says. “We have a robust tourism economy, a loyal base of supporters, and a favorable tax structure.”
FAST FACT: According to the U.S. Census Bureau, Talbot County is home to 1,457 businesses that have at least one W2 employee and 4,364 businesses with no employees, such as real estate agents, consultants, and watermen.
(Updated Dec. 7, 2023)
About Talbot County Department of Economic Development and Tourism
The Talbot County Department of Economic Development and Tourism’s mission is to enhance and promote a business-friendly environment for current and prospective enterprises and to advocate for policies that support and strengthen the economic vitality of Talbot County. The department’s vision for Talbot County is built on the principles of strong communities, empowered businesses, and innovative solutions.
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