Hancock, Massachusetts Property Taxes
The median property tax rate in Hancock, MA is 0.27%, significantly lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With a median home value of $84,400 in Hancock, the typical annual property tax bill is $226, well below the national median of $2,690. Property taxes in Hancock are calculated based on the tax assessed value, which usually 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 Berkshire County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hancock, Massachusetts Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$2,460
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, Massachusetts
Property taxes in Hancock, Massachusetts, 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 0.27%, significantly lower than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Hancock set these rates annually, and they can vary 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. Understanding how Hancock's effective property tax rate compares with other areas in Berkshire County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Hancock Tax Rate
0.27%
Average Berkshire County Tax Rate
1.62%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hancock, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01237 | 0.27% | 0.27% | 0.27% | 0.27% | 0.29% |
Source: Ownwell
Property Tax Assessment Values Across Hancock, Massachusetts
In Hancock, Massachusetts, 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 Berkshire 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 01237 has both the highest and lowest median tax bill, standing at $226.
Average Hancock Assessed Value
$84,400
Average Berkshire County Assessed Value
$256,200
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hancock, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01237 | $84,400 | $84,400 | $84,400 | $224,100 | $309,360 |
Source: Ownwell
Property Tax Bills Across Hancock, Massachusetts
In Hancock, Berkshire County, MA, property tax bills are determined by assessing the value of a property and applying the local tax rate to this assessed value. The median home price in Hancock is $84,400, and the property tax rate is applied to this amount to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, leading to variations in tax bills among homeowners. For instance, the 25th percentile tax bill in Hancock is $226, while the 75th percentile tax bill rises to $604, and the 90th percentile reaches $1,041. These figures illustrate the range of property tax bills homeowners might encounter, depending on their property's assessed value and other relevant factors. With the national median property tax rate at 0.99%, homeowners in Hancock can compare their local tax obligations to the broader national landscape. Understanding these elements helps homeowners anticipate their annual property tax expenses and plan their finances accordingly.
Average Hancock Tax Bill
$226
Average Berkshire County Tax Bill
$3,693
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Hancock, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01237 | $226 | $226 | $226 | $604 | $1,041 |
Source: Ownwell