The Fair Share Report
3 Keep St
Madison, NJ 07940
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 $1,498,822 – $2,484,511, from 12 comparable Madison 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 Madison assessments sit below market value — republished every October, applied town-wide. A $2,179,173 home should be assessed near $1,312,298.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $327,198 below what the ratio math suggests (24.9%).
Step 4 · The tax rate — same for every Madison home
$1.423 Schools · 63% $0.350 County · 16% $0.481 Town · 21%
Step 5 · The bill
This home vs. every recent Madison sale · assessed ÷ market
34%77%
Paying about right
This home's ratio lands inside Madison's normal band. The drift hasn't singled it out — no case for a tax appeal.
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 58 LATHROP AVE | 2025-03 | $1,730,080 | 3,320 | 47.3% |
| 58 HAMILTON ST | 2025-08 | $1,945,000 | 3,422 | 60.3% |
| 165 MADISON AVE | 2025-06 | $1,750,000 | 4,152 | 59.3% |
| 5 EAST LN | 2025-07 | $2,550,000 | 3,588 | 54.8% |
| 96 GREENWOOD AVE | 2025-01 | $1,950,000 | 3,380 | 55.1% |
| 107 GREENWOOD AVE | 2026-01 | $1,631,000 | 2,883 | 53.6% |
| 20 DOGWOOD DR | 2025-01 | $2,300,000 | 3,626 | 54.4% |
| 24 FAIRVIEW AVE | 2026-04 | $2,310,000 | 3,367 | 45.0% |
| 190 PARK AVE | 2026-05 | $1,189,000 | 2,900 | 66.4% |
| 77 VALLEY RD | 2026-02 | $1,900,000 | 2,851 | 50.8% |
| 62 ALBRIGHT CIR | 2026-05 | $825,000 | 4,024 | 64.5% |
| 5 MEADOW CT | 2026-06 | $2,175,000 | 3,564 | 50.4% |
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