Cumberland Furnace, Tennessee Property Taxes
The median property tax rate in Cumberland Furnace, TN is 0.70%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $147,200 in Cumberland Furnace, the typical annual property tax bill amounts to $1,030, significantly 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 thanks to various exemptions like the 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 Houston 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
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Cumberland Furnace Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Cumberland Furnace with just two key inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Cumberland Furnace to provide an estimate of your property tax bill. This valuable tool helps you gauge potential tax liabilities effectively. If you’re curious about trends at a neighborhood level, scroll down for more localized insights. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Cumberland Furnace, Tennessee
Property taxes in Cumberland Furnace, Tennessee, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Cumberland Furnace is 0.70%, which is lower than 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 counties in Tennessee and the national median. For comparison, the 37051 zip code has the highest median property tax rate of 0.70%, while the same 37051 zip code also has the lowest median tax rate of 0.70%. Understanding how these cities compare with Cumberland Furnace provides valuable insights into the varying tax landscape across Houston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cumberland Furnace Tax Rate
0.70%
Average Houston County Tax Rate
0.70%
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 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
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 Houston County Assessor's 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 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 median home price is $147,200, with tax bills ranging from $709 at the 25th percentile to $2,623 at the 90th percentile. The highest and lowest median tax bill is $1,030 in the 37051 zip code.
Property Tax Assessment Values Across Cumberland Furnace, Tennessee
Source: Ownwell
$69,500
$124,400
$179,300
Average Cumberland Furnace Assessed Value
$147,200
Average Houston County Assessed Value
$92,550
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 | $41,500 | $94,050 | $147,200 | $221,900 | $374,850 |
Source: Ownwell
Property Tax Bills Across Cumberland Furnace, Tennessee
In Cumberland Furnace, located in Houston County, TN, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Cumberland Furnace, the median home price is $147,200. Property tax bills can vary significantly, with the 25th percentile paying around $709 annually, while those in the 75th percentile pay approximately $1,552. High-value properties can see tax bills reaching up to $2,623, as observed in the 90th percentile. Compared to the national median property tax rate of 0.99%, Cumberland Furnace homeowners might find their tax rates relatively favorable, depending on specific local rates and assessed values. These taxes fund essential public services, including schools, infrastructure, and emergency services, directly impacting community quality and property values. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Cumberland Furnace Tax Bill
$1,030
Average Houston County Tax Bill
$713
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 | $290 | $709 | $1,030 | $1,552 | $2,623 |
Source: Ownwell