The Fair Share Report
118 Chestnut Dr
Wayne, NJ 07470
The town adjusts for market price changes once a year — but only based on the average price change of all homes in the area. This report checks whether this house's assessment kept pace.
This home's payments are about right
It sits inside Wayne's normal range — market price changes haven't singled it out. No case for a tax appeal.
Step 1 · Market value
Likely range $596,866 – $790,621, from 12 comparable Wayne 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 Wayne assessments sit below market value — republished every October, applied town-wide. A $698,813 home should be assessed near $250,315.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $25,015 below what the ratio math suggests (10.0%).
Step 4 · The tax rate — same for every Wayne home
$3.337 Schools · 56% $1.251 County · 21% $1.409 Town · 23%
Step 5 · The bill
This home vs. every recent Wayne sale · assessed ÷ market
19%47%
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 25 PACKANACK LK RD | 2025-04 | $600,000 | 1,934 | 36.8% |
| 362 VALLEY RD | 2025-10 | $685,000 | 1,934 | 26.6% |
| 8 FOREST TERR | 2025-11 | $605,000 | 1,931 | 34.8% |
| 79 LIONSHEAD DR W | 2025-12 | $735,000 | 2,006 | 28.8% |
| 25 FERNDALE RD | 2025-09 | $785,000 | 1,894 | 23.7% |
| 26 GIANNONE RD | 2025-10 | $770,000 | 2,172 | 28.7% |
| 53 HAMILTON AVE | 2025-04 | $775,000 | 1,830 | 25.7% |
| 185 OAKWOOD DR | 2025-05 | $630,000 | 1,768 | 32.7% |
| 134 OAKWOOD DR | 2026-01 | $555,000 | 1,927 | 35.2% |
| 1 LENAPE TRAIL | 2026-02 | $625,000 | 1,855 | 30.8% |
| 5 FERNDALE RD | 2026-04 | $710,000 | 2,146 | 27.3% |
| 31 POINT VIEW PARKWAY | 2026-02 | $450,000 | — | 31.8% |
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