Hancock, Minnesota Property Taxes
The median property tax rate in Hancock, MN is 0.56%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hancock, the typical annual property tax bill reaches $2,798, slightly exceeding the national median of $2,690. Property taxes in Hancock are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hancock'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 Hancock or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hancock, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$2,600
Ownwell’s Hancock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hancock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hancock 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 Hancock, Minnesota
Property taxes in Hancock, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hancock is 0.56%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Hancock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hancock 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 Hancock's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56244 has both the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Hancock provides valuable insights into the varying tax landscape across Swift County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hancock Tax Rate
0.56%
Average Swift County Tax Rate
0.99%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hancock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56244 | 0.31% | 0.32% | 0.56% | 0.75% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Hancock, Minnesota
In Hancock, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Swift 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 Hancock, 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 Hancock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Hancock is 56244, with a median tax bill of $2,798.
Average Hancock Assessed Value
$464,300
Average Swift County Assessed Value
$128,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hancock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56244 | $116,620 | $374,100 | $464,300 | $1,652,000 | $1,838,500 |
Source: Ownwell
Property Tax Bills Across Hancock, Minnesota
In Hancock, Swift County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Hancock typically face a median property tax rate of 0.99%, which aligns with the national median. However, the actual tax bill can vary widely depending on the specific assessed value of the property. For a home with a median price of $464,300, the tax bill can range significantly. At the 25th percentile, homeowners might pay around $2,410, while those at the 75th percentile could see bills as high as $5,268. The top 10% of property tax bills in Hancock can reach up to $6,566. Factors such as property improvements, neighborhood changes, and local government budgets can influence these amounts. As a result, property taxes can have a substantial impact on homeowners, affecting their overall financial planning and housing affordability.
Average Hancock Tax Bill
$2,798
Average Swift County Tax Bill
$1,162
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hancock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56244 | $880 | $2,410 | $2,798 | $5,268 | $6,566 |
Source: Ownwell