Hancock, Wisconsin Property Taxes
The median property tax rate in Hancock, WI is 1.18%, higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With a median home value in Hancock of $88,900, the typical annual property tax bill comes to $1,158, surpassing 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 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 city, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Hancock, Wisconsin Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$3,160
Ownwell’s Hancock Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hancock using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hancock to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available as you scroll down. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Hancock, Wisconsin
Property taxes in Hancock, Wisconsin, 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 1.18%, which is higher than both the Wisconsin 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 counties in Wisconsin and the national median. For comparison, the 54943 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Hancock provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hancock Tax Rate
1.18%
Average Adams County Tax Rate
1.20%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hancock, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54943 | 0.93% | 1.12% | 1.18% | 1.29% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Hancock, Wisconsin
In Hancock, Wisconsin, 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 Adams 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 highest median tax bill in the area is $1,158 in zip code 54943, while the lowest is also $1,158 in the same zip code.
Average Hancock Assessed Value
$88,900
Average Adams County Assessed Value
$106,900
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hancock, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54943 | $19,080 | $45,550 | $88,900 | $168,150 | $180,260 |
Source: Ownwell
Property Tax Bills Across Hancock, Wisconsin
Property tax bills in Hancock, WI, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the market value, which is determined by the local assessor’s office. For instance, if the median home price in Hancock is $88,900, the assessed value would be a fraction of this amount based on the assessment ratio. Several factors influence the tax bill, including property size, location, and any improvements or renovations made to the property. For homeowners in Hancock, the tax bill can vary significantly. At the 25th percentile, the tax bill is $576, while at the 75th percentile, it rises to $1,898. The top 10% of tax bills can reach as high as $2,392. Comparatively, the national median property tax rate is 0.99%, making Hancock's property tax rates relatively moderate. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly.
Average Hancock Tax Bill
$1,158
Average Adams County Tax Bill
$1,401
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Hancock, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54943 | $188 | $576 | $1,158 | $1,898 | $2,392 |
Source: Ownwell