The Fair Share Report
32 Kitchell Rd
Madison, NJ 07960
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 Madison's normal range — market price changes haven't singled it out. No case for a tax appeal.
Step 1 · Market value
Likely range $1,666,495 – $2,551,145, 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 $2,296,828 home should be assessed near $1,383,150.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $116,750 below what the ratio math suggests (8.4%).
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
41%81%
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 4 STONEGATE CT | 2025-11 | $1,950,000 | 3,992 | 59.5% |
| 15 OLDE GREENHOUSE LN | 2026-04 | $2,650,000 | 3,827 | 50.7% |
| 5 MEADOW CT | 2026-06 | $2,175,000 | 3,564 | 50.4% |
| 20 DOGWOOD DR | 2025-01 | $2,300,000 | 3,626 | 54.4% |
| 150 GREEN AVE | 2026-05 | $2,800,000 | 3,812 | 58.0% |
| 95 GREEN AVE | 2025-09 | $2,860,000 | 3,782 | 47.3% |
| 69 GLENWILD RD | 2025-05 | $1,776,500 | 3,624 | 53.5% |
| 5 EAST LN | 2025-07 | $2,550,000 | 3,588 | 54.8% |
| 176 GREEN AVE | 2025-10 | $2,180,000 | 3,459 | 59.6% |
| 148 SHUNPIKE RD | 2025-07 | $1,950,000 | 4,505 | 54.3% |
| 2 BRANNICK DR | 2025-10 | $2,200,000 | 3,204 | 51.1% |
| 144 SHUNPIKE RD | 2025-04 | $1,451,250 | 4,585 | 67.9% |
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