Cumberland, Maryland Property Taxes
The median property tax rate in Cumberland, MD is 0.93%, which is slightly below the national median of 0.99% and the Maryland state median of 1.06%. With a median home value of $96,300 in Cumberland, the typical annual property tax bill amounts to $929, which is significantly lower than the national median of $2,690. Property taxes in Cumberland are determined based on the tax assessed value, which is often less than the market value due to various exemptions, such as primary residence and agricultural exemptions. By gaining a thorough understanding of Cumberland's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you reside in Cumberland's bustling center or its quieter outskirts, being well-versed in the local property tax system can offer considerable financial benefits.
Last Updated June 14, 2024
Cumberland, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$896
$831
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, Maryland
Property taxes in Cumberland, Maryland, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cumberland is 1.05%, higher than both the Maryland state median of 1.00% and 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 Maryland and the national median. For comparison, the 21502 zip code has the highest median property tax rate of 1.05%, while the 21502 zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Cumberland provides valuable insights into the varying tax landscape across Allegany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cumberland Tax Rate
0.93%
Average Allegany County Tax Rate
0.93%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cumberland, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21502 | 0.91% | 0.93% | 0.93% | 1.03% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Cumberland, Maryland
In Cumberland, Maryland, 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 local assessment office 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the median home price in Cumberland is $96,300, with tax bills ranging from $581 at the 25th percentile to $2,055 at the 90th percentile. The zip code 21502 sees the highest and lowest median tax bill at $929. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cumberland Assessed Value
$96,300
Average Allegany County Assessed Value
$102,400
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cumberland, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21502 | $38,000 | $61,100 | $96,300 | $151,000 | $210,700 |
Source: Ownwell
Property Tax Bills Across Cumberland, Maryland
In Cumberland, MD, property tax bills are calculated based on the assessed value of a property, which is determined by the Allegany County tax assessor. The assessed value is a percentage of the market value of the home. For example, with a median home price of $96,300, the tax bill can vary significantly depending on specific assessments and applicable rates. Homeowners in Cumberland can expect tax bills that fall within a range: the 25th percentile tax bill is approximately $581, while the 75th percentile reaches up to $1,464. For those at the higher end, the 90th percentile tax bill can go as high as $2,055. The median tax bill in the zip code 21502 is $929, which is slightly below the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Therefore, understanding how these taxes are calculated and their potential variations is crucial for property owners in Cumberland.
Average Cumberland Tax Bill
$929
Average Allegany County Tax Bill
$978
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Cumberland, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21502 | $356 | $581 | $929 | $1,464 | $2,055 |
Source: Ownwell