Cumberland City, Tennessee Property Taxes
The median property tax rate in Cumberland City, TN is 0.75%, which is lower than the national median of 0.99% but higher than Tennessee's state median of 0.64%. With a median home value of $221,350 in Cumberland City, the typical annual property tax bill amounts to $1,531, significantly below the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Cumberland City'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 City 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 City, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,660
Ownwell’s Cumberland City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cumberland City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cumberland City 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 City, Tennessee
Property taxes in Cumberland City, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cumberland City is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Cumberland City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cumberland City 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 City's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37050 has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Cumberland City 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 City 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 City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37050 | 0.42% | 0.74% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Cumberland City, Tennessee
In Cumberland City, 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 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 City, 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 City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $1531 in the 37050 zip code, while the lowest median tax bill is also $1531 in the same zip code.
Property Tax Assessment Values Across Cumberland City, Tennessee
Source: Ownwell
$134,500
$308,700
$482,900
Average Cumberland City Assessed Value
$221,350
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 City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37050 | $83,220 | $153,325 | $221,350 | $319,500 | $467,339 |
Source: Ownwell
Property Tax Bills Across Cumberland City, Tennessee
In Cumberland City, Montgomery County, TN, property tax bills are calculated based on the assessed value of your home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine your annual property tax bill. For example, with a median home price of $221,350, homeowners can expect varying tax bills. The tax bill at the 25th percentile is around $1,008, while at the 75th percentile, it rises to approximately $2,032. At the 90th percentile, it can reach up to $2,767. Several factors influence these calculations, including changes in property values, local government budgets, and specific tax rates set by the county. Homeowners in Cumberland City might find their property tax bills slightly below the national median property tax rate of 0.99%, reflecting the region's relatively moderate property tax burden. Understanding these factors can help homeowners anticipate their annual expenses and plan their finances accordingly.
Average Cumberland City Tax Bill
$1,531
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 City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37050 | $562 | $1,008 | $1,531 | $2,032 | $2,767 |
Source: Ownwell