Cumberland Gap, Tennessee Property Taxes
The median property tax rate in Cumberland Gap, TN is 0.58%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Cumberland Gap at $106,100, the typical annual property tax bill amounts to $658, well below the national median of $2,690. Property taxes in Cumberland Gap 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 Gap'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 Gap 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 Gap, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$615
$571
Ownwell’s Cumberland Gap Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cumberland Gap with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cumberland Gap 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 Gap, Tennessee
Property taxes in Cumberland Gap, 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 Gap is 0.58%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Cumberland Gap set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cumberland Gap 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 Gap's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37724 has both the highest and lowest median property tax rate of 0.58%. Understanding how these cities compare with Cumberland Gap provides valuable insights into the varying tax landscape across Claiborne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cumberland Gap Tax Rate
0.58%
Average Claiborne County Tax Rate
0.58%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cumberland Gap, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37724 | 0.57% | 0.57% | 0.58% | 0.58% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Cumberland Gap, Tennessee
In Cumberland Gap, 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 Claiborne 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 Gap, 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. The median home price in Cumberland Gap is $106,100, with tax bills varying significantly. For instance, the 25th percentile tax bill is $335, while the 75th percentile tax bill is $1,035. The highest median tax bill is $658 in the 37724 zip code, which also has the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Cumberland Gap, Tennessee
Source: Ownwell
$30,600
$84,150
$137,700
Average Cumberland Gap Assessed Value
$106,100
Average Claiborne County Assessed Value
$114,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cumberland Gap, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37724 | $15,640 | $57,025 | $106,100 | $172,225 | $232,860 |
Source: Ownwell
Property Tax Bills Across Cumberland Gap, Tennessee
In Cumberland Gap, located in Claiborne County, TN, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local tax assessor and typically represents a percentage of the property's market value. Homeowners in Cumberland Gap experience property tax bills that vary significantly, with the 25th percentile tax bill at $335 and the 75th percentile reaching $1,035. The highest median tax bill in the area is $658. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. These elements are crucial in determining the assessed value, which is then multiplied by the local tax rate to calculate the annual property tax bill. With a median home price of $106,100, Cumberland Gap's property tax rates can have a notable impact on homeowners, influencing their overall housing costs. Compared to the national median property tax rate of 0.99%, Cumberland Gap offers a relatively affordable property tax environment, benefiting local homeowners.
Average Cumberland Gap Tax Bill
$658
Average Claiborne County Tax Bill
$680
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Cumberland Gap, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37724 | $100 | $335 | $658 | $1,035 | $1,395 |
Source: Ownwell