Cost of Living

Zanesville’s cost of living is 80% of the U.S. national average.  Imagine how that 20% savings translates to operating a business!!
Source: www.bestplaces.net


Labor Costs

Zanesville is a “Micropolitan” community in eastern Ohio.  A low cost of living, low utility costs, and low taxes translate to a less costly labor market than metropolitan areas. 

hourly-wage-rate-comparison
Source: May 2015 Metropolitan and Nonmetropolitan Area Occupational Employment and Wage Estimates
Bureau of Labor Statistics, U.S. Department of Labor
http://www.bls.gov/oes/current/oes_3900003.htm#00-0000


Electric Rates

Zanesville-Muskingum County benefits from an extensive electric generation, transmission and distribution system in Ohio. Ohio has historically relied on nearby abundant reserves of coal, which supplies nearly three quarters of Ohio’s electricity. Ohio is now in the process of shutting coal-fired units to comply with changing federal rules. The state is incrementally shifting to produce more electricity from natural gas and renewables.

American Electric Power (AEP) and Guernsey-Muskingum Electric both serve Muskingum County. Please note, large electric users undertaking economic development projects can negotiate special rate incentives. Additionally, Ohio has deregulated electric generation, and customers can shop for lower rates from deregulated utility company affiliates and third party providers. Please talk to us about how to obtain a better rate than the averages listed below:

industrial-electrical-rate-comparison
Source: “Typical Bills & Average Rates Report – Summer 2013,” Edison Electric Institute


Worker’s Comp

Ohio worker’s compensation rates are calculated by the Ohio Bureau of Worker’s Compensation (BWC).

The Ohio BWC classifies industries according to the National Council of Compensation Insurance. Each separate industry classification has its own basic premium rate.

The cost of claims in each industry classification determines rates. Base rates are calculated by estimating the cost of claims expected to occur in the next year using costs of past accidents and diseases in each industrial classification.An employer’s accident experience, fluctuations in payroll, medical costs, and worker’s compensation benefit levels are primary factors in premium rates.

Rates in Ohio are on par with national averages as you can see from the map below.

distribution_center_operating_costs

Read more about Ohio’s continuing progress at bringing down costs at the Ohio Bureau of Worker’s Compensation Web Site.


Real Estate (Property) Taxes

In Ohio, local governments assess property taxes on land and buildings. Fair market value of real property is assessed at 35% of value before the tax rate is applied. In Muskingum County, the average real property tax rate for property at our business parks is more than 22% less than the average tax rate in Ohio. Please see below for details.

EastPointe Business Park
Effective 2009 Real Property Tax Rate = 49.06 per $1,000 at 35% assessed value.
Sample calculation on land and building with fair market value of $1 million:
$1,000,000 x .35 = $350,000
$350,000 x .04906 = $17,171 annual tax

NorthPointe Business Park
Effective 2009 Real Property Tax Rate = 47.14 per $1,000 at 35% assessed value.
Sample calculation on land and building with fair market value of $1 million:
$1,000,000 x .35 = $350,000
$350,000 x .04714 = $16,499 annual tax

Airport Business Park
Effective 2009 Real Property Tax Rate = 52.64 per $1,000 at 35% assessed value.
Sample calculation on land and building with fair market value of $1 million:
$1,000,000 x .35 = $350,000
$350,000 x .05264 = $18,424 annual tax

Ohio Average (using latest published rate)
Effective 2008 Real Property Tax Rate = 64.03 per $1,000 at 35% assessed value.
Sample calculation on land and building with fair market value of $1 million:
$1,000,000 x .35 = $350,000
$350,000 x .06403 = $22,410 annual tax

Please note: tangible personal property (machinery, equipment, inventory, furniture and fixtures) is no longer taxed in Ohio.