Cumberland, Virginia Property Taxes
The median property tax rate in Cumberland, VA is 0.76%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Cumberland, the typical annual property tax bill reaches $2,968, surpassing the national median of $2,690. Property taxes in Cumberland are calculated based on the assessed value, which often 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 county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cumberland, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$2,959
$2,746
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, Virginia
Property taxes in Cumberland, Virginia, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cumberland is 0.76%, lower than both the Virginia 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 Virginia and the national median. For comparison, the 23040 zip code has the highest median property tax rate of 0.76%, while the 23040 zip code also has the lowest median tax rate of 0.76%. Understanding how these areas compare with Cumberland provides valuable insights into the varying tax landscape across Powhatan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cumberland Tax Rate
0.76%
Average Powhatan County Tax Rate
0.82%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cumberland, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23040 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Cumberland, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cumberland, Virginia. 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 local assessment authorities 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. Assessment notices in Cumberland 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 in Cumberland are both $2,968, found in the 23040 zip code.
Average Cumberland Assessed Value
$389,400
Average Powhatan County Assessed Value
$297,850
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cumberland, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23040 | $389,400 | $389,400 | $389,400 | $389,400 | $389,400 |
Source: Ownwell
Property Tax Bills Across Cumberland, Virginia
In Cumberland, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the property's location, size, and market value play a crucial role in determining the assessed value. Homeowners in Cumberland can expect a median property tax bill of $2,968, which is significantly higher than the national median property tax rate of 0.99%. This higher tax bill can impact homeowners by increasing their overall cost of homeownership, potentially influencing decisions related to property investment and long-term financial planning. For those living in the zip code 23040, the median property tax bill remains consistent at $2,968, regardless of whether they fall into the 25th, 75th, or 90th percentile, reflecting a uniformity in tax assessment within the area. This consistency can provide a level of predictability for homeowners budgeting for annual expenses.
Average Cumberland Tax Bill
$2,968
Average Powhatan County Tax Bill
$2,424
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Cumberland, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23040 | $2,968 | $2,968 | $2,968 | $2,968 | $2,968 |
Source: Ownwell