Cumberland, Wisconsin Property Taxes
The median property tax rate in Cumberland, WI is 1.15%, which is higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With a median home value of $166,850 in Cumberland, the typical annual property tax bill amounts to $1,775, which is below the national median of $2,690. Property taxes in Cumberland are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Cumberland's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether residing in Cumberland or another part of Polk County, gaining a deep understanding of the local property tax system can greatly benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cumberland, Wisconsin Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$3,160
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, Wisconsin
Property taxes in Cumberland, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cumberland is 1.15%, higher than both the Wisconsin 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 Wisconsin and the national median. For comparison, the 54829 zip code has the highest median property tax rate of 1.15%, while the 54829 zip code has the lowest median tax rate of 1.15%. Understanding how these cities compare with Cumberland provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cumberland Tax Rate
1.15%
Average Polk County Tax Rate
1.13%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cumberland, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54829 | 0.85% | 1.00% | 1.15% | 1.15% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Cumberland, Wisconsin
In Cumberland, Wisconsin, 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 Polk 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, 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. Notably, the highest median tax bill in the area is $1,775 in zip code 54829, which is also the lowest median tax bill, reflecting a uniform tax environment.
Average Cumberland Assessed Value
$166,850
Average Polk County Assessed Value
$219,000
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cumberland, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54829 | $53,150 | $95,775 | $166,850 | $248,300 | $321,750 |
Source: Ownwell
Property Tax Bills Across Cumberland, Wisconsin
In Cumberland, located in Polk County, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property’s market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Cumberland, the median home price is $166,850, leading to various tax bills across different percentiles. The 25th percentile tax bill is $981, while the 75th percentile tax bill reaches $2,720. At the 90th percentile, homeowners can expect to pay around $3,579. These figures indicate that property taxes can vary significantly depending on the home's assessed value and the specific tax rate applied. Comparatively, the national median property tax rate is 0.99%, making Cumberland’s property tax rates competitive. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Cumberland Tax Bill
$1,775
Average Polk County Tax Bill
$2,629
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Cumberland, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54829 | $536 | $981 | $1,775 | $2,720 | $3,579 |
Source: Ownwell