Cumberland, Ohio Property Taxes
The median property tax rate in Cumberland, OH is 1.70%, which is significantly higher than the national median of 0.99% but slightly lower than the Ohio state median of 1.80%. With a median home value of $58,430 in Cumberland, the typical annual property tax bill amounts to $984, which is below the national median of $2,690. Property taxes in Cumberland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Cumberland'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 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, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.7%
Estimate Property Tax Bill
$993
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, Ohio
Property taxes in Cumberland, Ohio, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cumberland is 1.70%, significantly higher than both the Ohio state median 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 Ohio and the national median. For comparison, the 43732 zip code has the highest median property tax rate of 1.70%, while the same zip code also has the lowest median tax rate of 1.70%. Understanding how these areas compare with Cumberland provides valuable insights into the varying tax landscape across Noble County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cumberland Tax Rate
1.70%
Average Noble County Tax Rate
1.86%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cumberland, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43732 | 1.62% | 1.65% | 1.70% | 1.70% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Cumberland, Ohio
In Cumberland, Ohio, 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 Noble County Auditor 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 example, the median home price in Cumberland is $58,430, with tax bills ranging from $484 at the 25th percentile to $2,595 at the 90th percentile. 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
$58,430
Average Noble County Assessed Value
$69,955
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cumberland, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43732 | $17,434 | $29,425 | $58,430 | $109,310 | $153,004 |
Source: Ownwell
Property Tax Bills Across Cumberland, Ohio
In Cumberland, located in Noble County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $58,430, the tax bills can vary significantly. Homeowners in the 25th percentile might pay around $484, while those in the 75th percentile could see bills as high as $1,783. The top 10% of tax bills can reach up to $2,595. Various factors influence these tax bills, including changes in property values, local government budgets, and tax rates. For homeowners, these taxes represent a significant annual expense, impacting overall affordability and financial planning. Comparing these figures to the national median property tax rate of 0.99%, Cumberland's property tax rates reflect the local economic conditions and funding needs. Understanding these elements can help homeowners better anticipate and manage their property tax obligations.
Average Cumberland Tax Bill
$984
Average Noble County Tax Bill
$1,279
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Cumberland, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43732 | $294 | $484 | $984 | $1,783 | $2,595 |
Source: Ownwell