Example of Cumberland County Property Tax Calculation
Cumberland County calculates property taxes by taking the assessed value of the property and multiplying it by the tax rate established by the county government. For example, if a property in Cumberland County is assessed at $100,000 and the tax rate is 1%, the property owner would owe $1,000 in property taxes for that year. The county government uses these taxes to fund local services like schools, law enforcement, and road maintenance. It's important for property owners to make sure their property is assessed correctly to avoid overpaying taxes.
If you want appeal your property tax assessment - contact your local tax assessor.
Cumberland County Property Tax Rates
Here is the table showing Cumberland County Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General County Tax | $0.79 |
| Education Tax | $1.45 |
| Fire District Tax | Varies by district |
| Municipal Tax | Varies by municipality |
Note: The Fire District and Municipal Taxes vary based on the specific district or municipality within Cumberland County.
Who sets property tax rates in Cumberland County ?
Who Sets Property Tax Rates in Cumberland County?
Property tax rates in Cumberland County are set by the Cumberland County Board of Commissioners. The board is made up of five elected officials who are responsible for overseeing the county's finances and making decisions on property tax rates.
When Are Property Tax Rates Set in Cumberland County?
Property tax rates in Cumberland County are typically set once a year, during the county's annual budget process. The process typically begins in the summer and can last several months as the board reviews revenue projections and determines how much funding is needed for various county services and programs.
Once the board has determined how much revenue is needed, they will set the property tax rate based on the assessed value of properties in the county. The rate is usually expressed in terms of dollars per $1,000 of assessed property value.
It's worth noting that property taxes are just one of several sources of revenue for Cumberland County. Other sources include sales taxes, fees for services, and state and federal funding. However, property taxes are a significant source of revenue for the county and play an important role in funding essential services like schools, public safety, and infrastructure.
Homestead exemptions in Cumberland County ?
To help residents of Cumberland County, Illinois understand their Homestead exemptions and deductions, a table has been created below. This table includes the exemption, eligibility requirements, amount, and any important notes related to each deduction.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Must own and occupy property as primary residence on January 1st of taxable year | $6,000 | - |
| Senior Citizen Homestead Exemption | Must be 65 years or older and own and occupy property as primary residence on January 1st of taxable year | $5,000 | Cannot claim if also claiming the Senior Freeze Homestead Exemption |
| Senior Freeze Homestead Exemption | Must meet the eligibility requirements for the Senior Citizen Homestead Exemption and have a household income of $65,000 or less | Freeze on the equalized assessed value (EAV) of the property for the year the exemption is first received, as long as the homeowner continues to qualify | Cannot claim if also claiming the Senior Citizen Homestead Exemption |
| Home Improvement Exemption | Must own and occupy property as primary residence on January 1st of taxable year, and improvements must increase the property's value by at least 25% | Increase in EAV due to the improvement, up to $75,000 for 4 years | Must apply for exemption within 90 days of completion of improvement |
| Disabled Veterans' Standard Homestead Exemption | Must be an honorably discharged veteran with a service-connected disability of at least 30% and own and occupy property as primary residence on January 1st of taxable year | $2,500 | - |
| Disabled Veterans' Homestead Exemption | Must be an honorably discharged veteran with a service-connected disability of at least 30% and own and occupy property as primary residence on January 1st of taxable year | Equal to the reduction in EAV due to the disability, up to $100,000 | - |
It's important to note that these exemptions and deductions may change from year to year, and each county may have different requirements and amounts. Homeowners should check with their local county assessor's office for the most up-to-date information and to see if they qualify for any additional exemptions or deductions.
When is Cumberland County Property Tax due ?
Cumberland County Property Tax is typically due on September 1st each year. There are several payment methods available for taxpayers, including:
| Payment Method | Description |
|---|---|
| Online Payment | Taxpayers can pay their property taxes online through the Cumberland County Tax Office website using a credit or debit card. |
| Mail-in Payment | Taxpayers can mail in their property tax payments using a check or money order. The mailing address can be found on the tax bill. |
| In-person Payment | Taxpayers can make payments in person at the Cumberland County Tax Office using cash, check, or credit/debit card. |
| Installment Plan | Cumberland County also offers an installment plan option for taxpayers who cannot pay their property taxes in full by the due date. This plan allows taxpayers to make four equal payments throughout the year. |
It's important to note that if the property tax payment is not received by the due date, penalties and interest may be added to the balance owed. Therefore, it's crucial for taxpayers to make their payments on time to avoid any additional fees.
If you have more questions - contact your local tax collector.
How is Cumberland County Property Tax penalty calculated ?
Cumberland County Property Tax Penalty Calculation
When a property owner fails to pay their property taxes on time, they will be subject to a penalty. The penalty is calculated based on a percentage of the unpaid taxes.
The penalty rate for Cumberland County is set by the North Carolina General Assembly and is currently set at 2%. This means that for each month that the property taxes remain unpaid, an additional 2% of the unpaid amount will be added as a penalty.
Let's look at an example to see how this works in practice:
- A property owner has a total property tax bill of $2,000 for the year, due on September 1st.
- The owner is unable to pay on time and misses the due date.
- On October 1st, the owner still owes the full $2,000, plus the 2% penalty for the first month, which comes to $40 (2% of $2,000).
- If the owner still does not pay by November 1st, an additional 2% penalty of $40 will be added, bringing the total penalty to $80.
- This will continue each month until the taxes are paid in full.
It is important for property owners to pay their taxes on time to avoid these penalties. The county uses these funds to provide essential services such as schools, roads, and public safety.
We recommend contacting the Cumberland County Tax Office or a local tax professional for the most up-to-date and accurate information.