Hancock, Michigan Property Taxes
The median property tax rate in Hancock, MI is 0.95%, slightly below both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $138,772, the typical annual property tax bill in Hancock is $1,387, which is lower than the national median of $2,690. Property taxes in Hancock are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. 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, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$1,318
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, Michigan
Property taxes in Hancock, Michigan, 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 0.95%, which is slightly 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 areas in Michigan and the national median. For comparison, the zip code 49930 has the highest median property tax rate of 0.95%, while the same zip code also has the lowest median tax rate of 0.95%. Understanding how these cities compare with Hancock provides valuable insights into the varying tax landscape across Houghton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hancock Tax Rate
0.95%
Average Houghton County Tax Rate
0.94%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hancock, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49930 | 0.32% | 0.51% | 0.95% | 1.52% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Hancock, Michigan
In Hancock, Michigan, 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 Houghton 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. 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. In Hancock, the median home price is $138,772, with tax bills ranging from $643 at the 25th percentile to $3,718 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 49930, with a median tax bill of $1,387. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hancock Assessed Value
$138,772
Average Houghton County Assessed Value
$95,531
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hancock, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49930 | $59,926 | $93,490 | $138,772 | $223,536 | $321,692 |
Source: Ownwell
Property Tax Bills Across Hancock, Michigan
In Hancock, MI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the property's market value, reflecting current real estate conditions. Various factors influence the tax bill, including the property's location, size, and any improvements made. For instance, the median home price in Hancock is $138,772, and the property tax rate is applied to this assessed value to determine the final tax bill. Homeowners in Hancock experience a range of property tax bills. At the 25th percentile, tax bills are around $643, while those in the 75th percentile see bills up to $2,319. The highest tax bills, at the 90th percentile, can reach $3,718. These figures highlight the variability in property tax burdens based on individual property assessments. Compared to the national median property tax rate of 0.99%, Hancock's property taxes can significantly impact homeowners, influencing decisions on property investments and homeownership.
Average Hancock Tax Bill
$1,387
Average Houghton County Tax Bill
$879
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Hancock, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49930 | $259 | $643 | $1,387 | $2,319 | $3,718 |
Source: Ownwell