Cumberland, Rhode Island Property Taxes
The median property tax rate in Cumberland, RI is 1.16%, considerably higher than the national median of 0.99% but lower than the Rhode Island state median of 1.48%. With the median home value in Cumberland at $383,400, the typical annual property tax bill reaches $4,455, 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, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$4,447
$4,127
Ownwell’s Cumberland Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Cumberland. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Cumberland to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities clearly. For those interested in more detailed information, including neighborhood-specific trends, additional localized data is available below. Your property’s assessed value, determined by the county, is crucial for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Cumberland, Rhode Island
Property taxes in Cumberland, Rhode Island, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Cumberland is 1.16%, higher than both the Rhode Island 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 Rhode Island and the national median. For comparison, the zip code 02864 has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Cumberland provides valuable insights into the varying tax landscape across Providence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cumberland Tax Rate
1.16%
Average Providence County Tax Rate
1.71%
Average Rhode Island Tax Rate
1.48%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cumberland, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02864 | 1.16% | 1.16% | 1.16% | 1.16% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Cumberland, Rhode Island
In Cumberland, Rhode Island, 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 Providence 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, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $4,455 in the 02864 zip code, offering a unique perspective on property tax distribution in the area.
Property Tax Assessment Values Across Cumberland, Rhode Island
Source: Ownwell
$51,600
$324,300
$597,000
Average Cumberland Assessed Value
$383,400
Average Providence County Assessed Value
$293,200
Average Rhode Island Assessed Value
$326,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cumberland, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02864 | $283,050 | $326,600 | $383,400 | $492,300 | $611,000 |
Source: Ownwell
Property Tax Bills Across Cumberland, Rhode Island
In Cumberland, Providence County, RI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Homeowners in Cumberland face a median property tax rate that significantly impacts their annual expenses. For instance, with a median home price of $383,400, the tax bill can vary widely. At the 25th percentile, homeowners might pay around $3,795, while those at the 75th percentile could see bills as high as $5,721. The 90th percentile tax bill can even reach up to $7,100. These tax bills are influenced by several factors, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Cumberland's property taxes can be relatively high, which affects the overall affordability and cost of living for residents. Understanding these elements is crucial for homeowners to manage their finances effectively.
Average Cumberland Tax Bill
$4,455
Average Providence County Tax Bill
$4,934
Average Rhode Island Tax Bill
$4,920
Average United States Tax Bill
$2,690
Property Tax Bills Across Cumberland, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02864 | $3,289 | $3,795 | $4,455 | $5,721 | $7,100 |
Source: Ownwell