The Fair Share Report
40 Third St
Somerville, NJ 08876
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 $549,622 – $690,164, from 12 comparable Somerville sales in the past 18 months, at this home's 2,076 sq ft.
Step 2 · The Director's Ratio
The state's official measure of how far Somerville assessments sit below market value — republished every October, applied town-wide. A $590,063 home should be assessed near $346,957.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $84,857 below what the ratio math suggests (24.5%).
Step 4 · The tax rate — same for every Somerville home
$2.388 Schools · 59% $0.552 County · 14% $1.138 Town · 28%
Step 5 · The bill
This home vs. every recent Somerville sale · assessed ÷ market
33%73%
Paying about right
This home's ratio lands inside Somerville'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 |
|---|---|---|---|---|
| 81-83 GROVE ST | 2025-12 | $605,000 | 2,142 | 41.9% |
| 20 THIRD ST | 2025-09 | $605,000 | 2,150 | 32.4% |
| 25 VANDERVEER AVE. | 2025-10 | $752,000 | 2,262 | 39.9% |
| 183 W CLIFF ST | 2025-05 | $500,000 | 1,961 | 48.7% |
| 132 E CLIFF ST | 2025-09 | $525,000 | 1,983 | 54.4% |
| 218 W SUMMIT ST | 2025-06 | $682,000 | 1,764 | 46.1% |
| 224 E HIGH ST | 2026-05 | $559,000 | 2,118 | 54.0% |
| 68 SOMERSET ST | 2025-05 | $520,000 | 1,744 | 46.7% |
| 148 DAVENPORT ST | 2025-10 | $739,000 | 2,600 | 34.9% |
| 211 E HIGH ST | 2026-01 | $838,000 | 1,766 | 42.2% |
| 451 E MAIN ST | 2025-09 | $600,000 | 2,060 | 52.2% |
| 23 W SPRING ST | 2025-12 | $801,000 | 2,274 | 47.4% |
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