Cumberland, Iowa Property Taxes
The median property tax rate in Cumberland, IA is 1.14%, slightly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Cumberland at $214,800, the typical annual property tax bill reaches $2,671, just under the national median of $2,690. Property taxes in Cumberland are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Cumberland's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Cumberland or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cumberland, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$2,449
Ownwell’s Cumberland Property Tax Bill Calculator assists homeowners, real estate investors, or potential buyers in estimating their annual property taxes in Cumberland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cumberland to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Cumberland, Iowa
Property taxes in Cumberland, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Cumberland is 1.14%, which is higher than the U.S. national median of 0.99%. Local government entities within Cumberland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cumberland estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Cumberland's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50843 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Cumberland provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cumberland Tax Rate
1.14%
Average Adams County Tax Rate
1.43%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cumberland, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50843 | 1.03% | 1.11% | 1.14% | 1.28% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Cumberland, Iowa
In Cumberland, Iowa, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Adams County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Cumberland, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Cumberland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Cumberland is $2,671 in zip code 50843, while the lowest is also $2,671 in the same zip code.
Average Cumberland Assessed Value
$214,800
Average Adams County Assessed Value
$114,000
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cumberland, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50843 | $92,800 | $133,475 | $214,800 | $320,950 | $346,700 |
Source: Ownwell
Property Tax Bills Across Cumberland, Iowa
In Cumberland, located in Adams County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Various factors influence the assessed value, including the property's market value, location, and any improvements made to the property. For homeowners in Cumberland, the median home price stands at $214,800. The property tax bill can vary significantly, with the 25th percentile tax bill at $1,732 and the 75th percentile reaching $3,769. The highest median tax bill in the area is $2,671, while the lowest is also $2,671, indicating a relatively uniform tax rate within the zip code 50843. Compared to the national median property tax rate of 0.99%, Cumberland's tax rates can have a notable impact on homeowners, affecting their annual financial planning and overall cost of homeownership.
Average Cumberland Tax Bill
$2,671
Average Adams County Tax Bill
$1,577
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Cumberland, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50843 | $1,152 | $1,732 | $2,671 | $3,769 | $3,963 |
Source: Ownwell