The Fair Share Report
116 Wayne Ave
Paterson, NJ 07502
The town corrects for market drift once a year — but only on average. This report measures whether this house drifted with the herd or away from it.
This home's full record →Check another house →
Step 1 · Market value
Likely range $425,000 – $659,900, from 12 comparable Paterson sales in the past 18 months (home size estimated from assessor data — range widened).
Step 2 · The Director's Ratio
The state's official measure of how far Paterson assessments sit below market value — republished every October, applied town-wide. A $510,000 home should be assessed near $211,191.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $271,809 above what the ratio math suggests (128.7%).
Step 4 · The tax rate — same for every Paterson home
$1.307 Schools · 24% $1.048 County · 20% $2.980 Town · 56%
This home's own bill implies $2.240 per $100 — well off the general rate. That usually means the town revalued since the last bill.
Step 5 · The bill
This home vs. every recent Paterson sale · assessed ÷ market
65%119%
Looks meaningfully over-assessed
Even at the generous end of the range, this home's ratio clears the Chapter 123 appeal line (47.62%) — roughly $14,498/yr at stake. NJ appeals are generally due April 1.
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 106 WAYNE AVE | 2025-01 | $700,000 | — | 86.0% |
| 140 ALBION AVE | 2025-05 | $659,900 | — | 88.4% |
| 125 23RD AVE | 2025-01 | $300,000 | — | 191.4% |
| 172 JASPER ST | 2025-01 | $645,000 | — | 85.5% |
| 712 E 27TH ST | 2025-01 | $620,000 | — | 92.3% |
| 118 12TH AVE | 2026-01 | $680,000 | — | 55.8% |
| 217 WALNUT ST | 2025-05 | $480,000 | — | 83.4% |
| 163 LIBERTY ST | 2025-05 | $509,000 | — | 80.7% |
| 540 14TH AVE | 2025-05 | $510,000 | — | 95.4% |
| 188 ATLANTIC ST | 2025-05 | $425,000 | — | 87.3% |
| 1035 E 23RD ST | 2025-04 | $485,000 | — | 93.2% |
| 983 MADISON AVE | 2025-04 | $600,000 | — | 90.0% |
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