Cumberland, Iowa Property Taxes
The median property tax rate in Cumberland, IA is 1.21%, which is higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Cumberland at $105,350, the typical annual property tax bill reaches $1,373, exceeding the national median of $2,690. Property taxes in Cumberland are calculated based on the tax assessed value, which typically falls below the market value due to various 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
1.21%
Estimate Property Tax Bill
$1,275
Ownwell’s Cumberland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate 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. 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, Iowa
Property taxes in Cumberland, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cumberland is 1.21%, significantly 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 1.21%, while the 50843 zip code has the lowest median tax rate of 1.21%. Understanding how these cities compare with Cumberland provides valuable insights into the varying tax landscape across Cass, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cumberland Tax Rate
1.21%
Average Cass County Tax Rate
1.47%
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 | 0.92% | 1.06% | 1.21% | 1.49% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Cumberland, Iowa
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cumberland, Iowa. 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 Cass 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. For instance, the median home price in Cumberland is $105,350, with tax bills ranging from $606 at the 25th percentile to $3,186 at the 90th percentile. The highest and lowest median tax bills are recorded at $1,373 in the 50843 zip code. 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.
Average Cumberland Assessed Value
$105,350
Average Cass County Assessed Value
$121,160
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 | $23,775 | $45,588 | $105,350 | $222,480 | $297,045 |
Source: Ownwell
Property Tax Bills Across Cumberland, Iowa
In Cumberland, IA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, which is determined by the county assessor. This value is then used to calculate the property tax bill based on the local tax rate set by various taxing authorities such as the county, city, and school district. Homeowners in Cumberland can expect a range of property tax bills. For instance, the tax bill at the 25th percentile is around $606, while at the 75th percentile, it rises to $2,308. The 90th percentile tax bill can go up to $3,186, indicating a significant variation depending on the property's assessed value and location. With the national median property tax rate at 0.99%, Cumberland's property tax rates influence homeowners' annual expenses, making it crucial for residents to understand how their tax bills are calculated and what factors are involved.
Average Cumberland Tax Bill
$1,373
Average Cass County Tax Bill
$1,732
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 | $288 | $606 | $1,373 | $2,308 | $3,186 |
Source: Ownwell