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 lower than the Maryland state median of 1.06%. With the median home value in Hancock at $124,700, the typical annual property tax bill reaches $1,236, which is below 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 those for primary residences and agricultural land. 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
$1,297
$1,203
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hancock is 1.04%, slightly 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 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 same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Hancock provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hancock Tax Rate
1.04%
Average Washington County Tax Rate
0.92%
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 | 0.92% | 0.92% | 1.04% | 1.04% | 1.04% |
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 Washington 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. The median home price in Hancock is $124,700, with the 25th percentile tax bill at $877 and the 75th percentile tax bill at $1,746. Notably, the highest and lowest median tax bills are both $1,236 in the 21750 zip code. 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.
Average Hancock Assessed Value
$124,700
Average Washington County Assessed Value
$219,600
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 | $69,160 | $89,900 | $124,700 | $171,300 | $222,600 |
Source: Ownwell
Property Tax Bills Across Hancock, Maryland
In Hancock, MD, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Hancock is $124,700. To determine the tax bill, the assessed value is multiplied by the local property tax rate. Factors such as property size, location, and market conditions influence the assessed value. Homeowners in Hancock can expect a tax bill that varies significantly. For instance, the 25th percentile tax bill is $877, while the 75th percentile tax bill is $1,746. At the 90th percentile, the tax bill can reach up to $2,288. These variations highlight how different factors impact the overall tax burden on homeowners. Compared to the national median property tax rate of 0.99%, Hancock's property tax rates are competitive, making it an attractive location for homeowners. Understanding these factors can help residents better anticipate their annual property tax obligations and plan accordingly.
Average Hancock Tax Bill
$1,236
Average Washington County Tax Bill
$1,934
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 | $651 | $877 | $1,236 | $1,746 | $2,288 |
Source: Ownwell