Cumberland City, Tennessee Property Taxes
The median property tax rate in Cumberland City, TN is 0.59%, which is considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Cumberland City at $94,500, the typical annual property tax bill amounts to $592, significantly below the national median of $2,690. Property taxes in Cumberland City are calculated based on the tax assessed value, which often falls below the market value due to various 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 significant 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
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cumberland City is 0.59%, significantly lower than both the Tennessee state median and 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 37050 zip code has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these areas compare with Cumberland City provides valuable insights into the varying tax landscape across Stewart County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cumberland City Tax Rate
0.59%
Average Stewart County Tax Rate
0.59%
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 | 0.59% | 0.59% | 0.59% | 0.77% | 0.78% |
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 Stewart 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 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. The median home price in the area is $94,500, with the median tax bill ranging from $367 at the 25th percentile to $1,551 at the 90th percentile. The zip code 37050 has the highest and lowest median tax bill at $592.
Property Tax Assessment Values Across Cumberland City, Tennessee
Source: Ownwell
$68,400
$104,850
$141,300
Average Cumberland City Assessed Value
$94,500
Average Stewart County Assessed Value
$102,200
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 | $26,500 | $52,100 | $94,500 | $151,650 | $226,800 |
Source: Ownwell
Property Tax Bills Across Cumberland City, Tennessee
In Cumberland City, located in Stewart County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value of the property. Homeowners in Cumberland City can expect their tax bills to vary significantly depending on the assessed value of their homes. For example, the tax bill at the 25th percentile is $367, while at the 75th percentile, it reaches $968. Those at the 90th percentile see tax bills as high as $1,551. These tax bills are derived by applying the local tax rate to the assessed value of the property. The median home price in Cumberland City is $94,500, which provides a benchmark for understanding typical tax obligations. The highest and lowest median tax bills in the area are both $592, indicating a level of consistency within the zip code 37050. Compared to the national median property tax rate of 0.99%, Cumberland City's tax rates offer a range of affordability for homeowners.
Average Cumberland City Tax Bill
$592
Average Stewart County Tax Bill
$644
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 | $159 | $367 | $592 | $968 | $1,551 |
Source: Ownwell