Hancock, Maryland Property Taxes
The median property tax rate in Hancock, MD is 1.04%, slightly higher than the national median of 0.99% but below the Maryland state median of 1.06%. With a median home value of $213,200 in Hancock, the typical annual property tax bill amounts to $2,225, which is lower than the national median of $2,690. Property taxes in Hancock are calculated based on the tax assessed value, often lower than the market value due to exemptions like 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, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$2,217
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, Maryland
Property taxes in Hancock, Maryland, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Hancock is 1.04%, higher than both the Maryland state median and 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 areas in Maryland and the national median. For comparison, the 21750 zip code has the highest median property tax rate of 1.04%, while the lowest median tax rate is also 1.04%. Understanding how these cities compare with Hancock provides valuable insights into the varying tax landscape across Allegany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hancock Tax Rate
1.04%
Average Allegany County Tax Rate
0.93%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hancock, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21750 | 1.03% | 1.04% | 1.04% | 1.07% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Hancock, Maryland
In Hancock, Maryland, 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 Allegany 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 21750 has both the highest and lowest median tax bills, standing at $2,225, reflecting the uniformity in the region's tax assessments.
Average Hancock Assessed Value
$213,200
Average Allegany County Assessed Value
$102,400
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hancock, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21750 | $148,000 | $188,950 | $213,200 | $239,550 | $285,350 |
Source: Ownwell
Property Tax Bills Across Hancock, Maryland
In Hancock, MD, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of your property. The tax rate is then applied to this assessed value to determine your annual property tax bill. For instance, with a median home price of $213,200, homeowners can expect varying tax bills depending on their property's specific assessed value and applicable tax rate. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of similar properties in the area. In Hancock, the 25th percentile tax bill is approximately $2,033, while the 75th percentile tax bill is about $2,557. For those at the 90th percentile, the tax bill can reach up to $2,989. These taxes fund essential services such as public schools, infrastructure, and emergency services, making them a crucial aspect of homeownership in Hancock.
Average Hancock Tax Bill
$2,225
Average Allegany County Tax Bill
$978
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Hancock, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 21750 | $1,582 | $2,033 | $2,225 | $2,557 | $2,989 |
Source: Ownwell