Hancock, Maine Property Taxes
The median property tax rate in Hancock, ME is 1.05%, slightly higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With a median home value of $142,700 in Hancock, the typical annual property tax bill comes to $1,520, which is below the national median of $2,690. Property taxes in Hancock are calculated based on the tax assessed value, which often falls below the market value due to 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 county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hancock, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,498
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, Maine
Property taxes in Hancock, ME, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hancock is 1.05%, higher 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 Maine and the national median. For comparison, the 04640 zip code has the highest median property tax rate of 1.05%, while the same zip code also has the lowest median tax rate of 1.05%. Understanding how these areas compare with Hancock provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hancock Tax Rate
1.05%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hancock, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04640 | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Hancock, Maine
In Hancock, Maine, 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 local 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. The highest median tax bill in Hancock is $1,520 in the 04640 zip code, while the lowest median tax bill is also $1,520 in the same zip code. Being aware of these valuation processes in Hancock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hancock Assessed Value
$142,700
Average Hancock County Assessed Value
$205,850
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hancock, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04640 | $26,400 | $70,500 | $142,700 | $226,900 | $327,200 |
Source: Ownwell
Property Tax Bills Across Hancock, Maine
In Hancock, ME, 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 and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, with a median home price of $142,700, homeowners can expect varying tax bills depending on the assessed value and applicable exemptions. Several factors influence the final tax bill, including property size, location, and any improvements made to the property. In Hancock, the 25th percentile tax bill is around $752, while the 75th percentile tax bill reaches approximately $2,391. The highest tax bills, such as those in the 90th percentile, can be as much as $3,461. These taxes fund essential local services like schools, public safety, and infrastructure, directly impacting homeowners by contributing to community quality and overall property values.
Average Hancock Tax Bill
$1,520
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Hancock, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04640 | $290 | $752 | $1,520 | $2,391 | $3,461 |
Source: Ownwell