Present estimated population within 45 miles of Lake County, which is normal commuting distance in West Tennessee, is over 100,000. This area includes three counties in Tennessee and some Missouri counties. The abundance, quality, and reliability of local labor is one of the most important advantages to industry.
A recent survey by the Tennessee Employment Security Department reports that 6.1 percent of the labor force is unemployed. Each year, there are approximately 64 high school graduates in Lake County. It is estimated that 41.0 percent of these will be available for employment.
Lake County income can be characterized as being generated from four sources: retail trade and services, industry, agriculture and tourism. About 100 farm units of approximately 800 acres average size, produce about $9 million of crops annually, with soybeans and wheat being the leading income producers. Local industry provides an estimated annual payroll of $1.5 million. Tourism, centering around Reelfoot Lake, is an important income producer. The parks, motels, restaurants, swimming, boat docks, etc., attract an estimated $5.4 million in tourist expenditures and supported an annual payroll of $1.07 million annually. Retail sales in Lake County in 1994 were reported as $20,000,000. Per capita income in 1987 was $7,558, and increased to $12,466 in 1993.
Taxes and Public Finance
Tax assessments in Lake county are made by the county tax assessor. Every effort is made to assess property on a fair and equitable basis. There is no State tax on real property in Tennessee.
Lake County Tax Rate
State – 7.00%; County – 2.75%
Lake County – $31,523,364
Lake County – $2,565,000