Hancock, Wisconsin Property Taxes
The median property tax rate in Hancock, WI is 1.24%, which is higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With the median home value in Hancock at $163,400, the typical annual property tax bill amounts to $2,275, slightly below the national median of $2,690. Property taxes in Hancock are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Navigating 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, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$2,026
$1,880
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, Wisconsin
Property taxes in Hancock, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hancock is 1.24%, significantly 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 1.24%, while the same zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Hancock provides valuable insights into the varying tax landscape across Waushara County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hancock Tax Rate
1.24%
Average Waushara County Tax Rate
1.26%
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 | 1.10% | 1.17% | 1.24% | 1.30% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Hancock, Wisconsin
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hancock, Wisconsin. 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 Waushara 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. For instance, the highest median tax bill in Hancock is $2275 in the 54943 zip code, while the lowest median tax bill is also $2275 in the same zip code. 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
$163,400
Average Waushara County Assessed Value
$163,950
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 | $36,000 | $107,550 | $163,400 | $248,250 | $302,200 |
Source: Ownwell
Property Tax Bills Across Hancock, Wisconsin
In Hancock, WI, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and applies an assessment ratio. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Homeowners in Hancock experience a range of property tax bills. For instance, the 25th percentile tax bill is $1,349, while the 75th percentile tax bill reaches $3,184. At the 90th percentile, homeowners can expect to pay around $4,026. These figures highlight the variability in tax bills, influenced by factors such as property size, location, and market conditions. Compared to the national median property tax rate of 0.99%, Hancock's tax rates can significantly impact homeowners. Higher tax bills may affect household budgets and the overall affordability of owning a home in the area. Understanding these factors is crucial for current and prospective homeowners when planning their finances.
Average Hancock Tax Bill
$2,275
Average Waushara County Tax Bill
$2,143
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 | $459 | $1,349 | $2,275 | $3,184 | $4,026 |
Source: Ownwell