Cumberland Furnace, Tennessee Property Taxes
The median property tax rate in Cumberland Furnace, TN is 0.59%, 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 Furnace at $153,300, the typical annual property tax bill is $901, which is well below the national median of $2,690. Property taxes in Cumberland Furnace are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Cumberland Furnace'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 Furnace or another part of Dickson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cumberland Furnace, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$904
Ownwell’s Cumberland Furnace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cumberland Furnace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cumberland Furnace 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 Furnace, Tennessee
Property taxes in Cumberland Furnace, Tennessee, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Cumberland Furnace is 0.59%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Cumberland Furnace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cumberland Furnace 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 Furnace's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37051 zip code has both the highest and lowest median property tax rate of 0.59%. Understanding how these areas compare with Cumberland Furnace provides valuable insights into the varying tax landscape across Dickson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cumberland Furnace Tax Rate
0.59%
Average Dickson County Tax Rate
0.59%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cumberland Furnace, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37051 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Cumberland Furnace, Tennessee
In Cumberland Furnace, 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 Dickson 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 Furnace, 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 Furnace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $901.00 in the 37051 zip code.
Property Tax Assessment Values Across Cumberland Furnace, Tennessee
Source: Ownwell
$100,300
$176,250
$252,200
Average Cumberland Furnace Assessed Value
$153,300
Average Dickson County Assessed Value
$180,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cumberland Furnace, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37051 | $38,920 | $92,500 | $153,300 | $240,900 | $341,740 |
Source: Ownwell
Property Tax Bills Across Cumberland Furnace, Tennessee
In Cumberland Furnace, located in Dickson County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the property's market value, which is then multiplied by the local tax rate. For example, with a median home price of $153,300, the property tax bill can vary significantly. The 25th percentile tax bill is approximately $539, while the 75th percentile reaches around $1,415, and the 90th percentile climbs to $2,007. These variations are influenced by factors such as property location, home improvements, and market conditions. Homeowners in Cumberland Furnace experience a range of tax bills, with the highest median tax bill recorded at $901 in the 37051 zip code. Understanding how these factors interplay helps homeowners anticipate their tax obligations and manage their finances more effectively. Compared to the national median property tax rate of 0.99%, Cumberland Furnace's property tax rates reflect the local economic and real estate conditions, impacting the overall cost of homeownership in the area.
Average Cumberland Furnace Tax Bill
$901
Average Dickson County Tax Bill
$1,201
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Cumberland Furnace, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37051 | $228 | $539 | $901 | $1,415 | $2,007 |
Source: Ownwell