Cumberland Furnace, Tennessee Property Taxes
The median property tax rate in Cumberland Furnace, TN is 0.75%, which is higher than the state median of 0.64% but still below the national median of 0.99%. With a median home value of $164,900, the typical annual property tax bill in Cumberland Furnace amounts to $1,176, significantly lower than the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Cumberland Furnace's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cumberland Furnace or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cumberland Furnace, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,237
Ownwell’s Cumberland Furnace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cumberland Furnace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cumberland Furnace to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re 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 Furnace, Tennessee
Property taxes in Cumberland Furnace, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cumberland Furnace is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Cumberland Furnace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cumberland Furnace 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 Furnace's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37051 has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Cumberland Furnace provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cumberland Furnace Tax Rate
0.75%
Average Montgomery County Tax Rate
1.05%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cumberland Furnace, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37051 | 0.67% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Cumberland Furnace, Tennessee
In Cumberland Furnace, Tennessee, 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 Montgomery County Property 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 Furnace, 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 Furnace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $164,900, with annual tax bills ranging from $661 at the 25th percentile to $2,299 at the 90th percentile. Notably, the highest and lowest median tax bills are both $1,176 in the 37051 zip code.
Property Tax Assessment Values Across Cumberland Furnace, Tennessee
Source: Ownwell
$134,500
$308,700
$482,900
Average Cumberland Furnace Assessed Value
$164,900
Average Montgomery County Assessed Value
$172,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cumberland Furnace, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37051 | $59,650 | $91,475 | $164,900 | $248,800 | $324,550 |
Source: Ownwell
Property Tax Bills Across Cumberland Furnace, Tennessee
In Cumberland Furnace, Montgomery County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. Homeowners in Cumberland Furnace experience a range of property tax bills, with the 25th percentile at $661 and the 75th percentile at $1,798, indicating significant variability depending on property value and exemptions. The median home price in Cumberland Furnace is $164,900, and the tax rate is applied to this assessed value to determine the tax bill. Compared to the national median property tax rate of 0.99%, Cumberland Furnace offers a relatively affordable property tax environment. The highest median tax bill in the area is $1,176, found in the 37051 zip code, which is consistent across the region. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual budgeting and long-term financial planning. Accurate assessments and awareness of available exemptions can help manage these expenses effectively.
Average Cumberland Furnace Tax Bill
$1,176
Average Montgomery County Tax Bill
$1,610
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Cumberland Furnace, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37051 | $440 | $661 | $1,176 | $1,798 | $2,299 |
Source: Ownwell