The Fair Share Report
3 Iris Ct
Vernon, NJ 07418
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 $233,875 – $298,667, from 12 comparable Vernon 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 Vernon assessments sit below market value — republished every October, applied town-wide. A $252,021 home should be assessed near $231,708.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $87,792 above what the ratio math suggests (37.9%).
Step 4 · The tax rate — same for every Vernon home
$1.368 Schools · 58% $0.438 County · 19% $0.539 Town · 23%
Step 5 · The bill
This home vs. every recent Vernon sale · assessed ÷ market
68%142%
Looks meaningfully over-assessed
Even at the generous end of the range, this home's ratio clears the Chapter 123 appeal line (100.00%) — roughly $2,059/yr at stake. NJ appeals are generally due April 1.
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 16 VILLAGE WAY, UNIT 5 | 2025-09 | $220,000 | 1,318 | 84.0% |
| 4 VILLAGE WAY, UNIT 6 | 2025-07 | $240,000 | 1,294 | 98.5% |
| 6 VILLAGE WAY, UNIT 6 | 2025-03 | $207,000 | 1,294 | 110.9% |
| 7 CARDINAL RD | 2025-08 | $390,000 | 1,344 | 81.3% |
| 3 VILLAGE WAY, UNIT 1 | 2026-03 | $275,000 | 1,330 | 83.1% |
| 1 VILLAGE WAY, UNIT 1 | 2025-05 | $230,000 | 1,330 | 89.4% |
| 1 ROBIN'S TER | 2025-10 | $402,000 | 1,228 | 73.2% |
| 16 VILLAGE WAY, UNIT 1 | 2025-03 | $230,000 | 1,268 | 85.7% |
| 1 DAVOS DR UNIT 1 | 2026-04 | $250,000 | 1,296 | 93.4% |
| 7 DEER VALLEY LN UNIT 7 | 2026-04 | $254,900 | 1,296 | 91.8% |
| 4 DAVOS DR UNIT 7 | 2025-11 | $299,900 | 1,296 | 74.2% |
| 4 BRANDYWINE DR UNIT 7 | 2025-09 | $249,900 | 1,296 | 94.6% |
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