Cumming, Iowa Property Taxes
The median property tax rate in Cumming, IA is 0.96%, slightly below the national median of 0.99% and significantly lower than Iowa's state median of 1.54%. With a median home value of $607,870 in Cumming, the typical annual property tax bill amounts to $5,858, which is more than double the national median of $2,690. Property taxes in Cumming are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Cumming's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Cumming or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cumming, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$5,836
Ownwell’s Cumming Property Tax Bill Calculator assists homeowners, real estate investors, and prospective buyers in estimating their annual property taxes in Cumming with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Cumming to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Cumming, Iowa
Property taxes in Cumming, Iowa, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Cumming is 1.53%, higher than both the Iowa state median of 1.29% and the U.S. national median of 0.99%. Local government entities within Cumming set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cumming 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 Cumming's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50273 zip code has the highest median property tax rate of 1.53%, while the 50273 zip code has the lowest median tax rate of 1.53%. Understanding how these cities compare with Cumming provides valuable insights into the varying tax landscape across Dallas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cumming Tax Rate
0.96%
Average Dallas County Tax Rate
1.62%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cumming, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50061 | 0.87% | 0.90% | 0.96% | 1.00% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Cumming, Iowa
In Cumming, 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 Dallas County Appraisal District 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 Cumming, 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 Cumming helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 50061 has both the highest and lowest median tax bill at $5858. By being informed, homeowners can potentially lower their tax obligations and ensure they are not overpaying.
Average Cumming Assessed Value
$607,870
Average Dallas County Assessed Value
$264,500
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cumming, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50061 | $354,604 | $450,660 | $607,870 | $788,710 | $922,842 |
Source: Ownwell
Property Tax Bills Across Cumming, Iowa
In Cumming, Dallas County, IA, property tax bills are determined based on the assessed value of a home and the applicable tax rate. The assessment process involves evaluating the market value of the property, which is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $607,870, homeowners can expect varying tax bills depending on specific factors such as property size, location, and improvements. The tax bill for properties in the 25th percentile is around $3,998, while those in the 75th percentile can expect approximately $7,770. At the higher end, properties in the 90th percentile face tax bills of about $9,159. These figures highlight the significant range in property tax liabilities within the area. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Cumming to understand their specific assessed values and how they influence their tax obligations. This variability can significantly impact homeowners' financial planning and long-term investment strategies.
Average Cumming Tax Bill
$5,858
Average Dallas County Tax Bill
$3,638
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Cumming, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50061 | $3,136 | $3,998 | $5,858 | $7,770 | $9,159 |
Source: Ownwell