The Fair Share Report
45 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 $480,000 – $739,000, from 12 comparable Somerville sales in the past 18 months.
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 $605,000 home should be assessed near $355,740.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $156,240 below what the ratio math suggests (43.9%).
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
22%73%
Keep quiet and enjoy it
This home's assessment ratio sits below the Somerville pack — the frozen assessment is treating it kindly. It pays less than a fresh look would charge.
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 25 VANDERVEER AVE. | 2025-10 | $752,000 | 2,262 | 39.9% |
| 32 THIRD ST | 2026-05 | $340,000 | 1,456 | 59.4% |
| 40 THIRD ST | 2025-11 | $768,000 | 2,076 | 34.1% |
| 71 CENTRAL AVE | 2026-01 | $525,000 | 1,488 | 47.2% |
| 148 DAVENPORT ST | 2025-10 | $739,000 | 2,600 | 34.9% |
| 459 E MAIN ST | 2025-11 | $640,000 | 3,890 | 53.6% |
| 27 SECOND ST | 2026-03 | $380,000 | 1,380 | 49.9% |
| 121 S BRIDGE ST | 2025-10 | $525,000 | 2,906 | 53.8% |
| 81-83 GROVE ST | 2025-12 | $605,000 | 2,142 | 41.9% |
| 20 THIRD ST | 2025-09 | $605,000 | 2,150 | 32.4% |
| 25 CENTRAL AVE | 2025-07 | $480,000 | 1,561 | 40.1% |
| 218 W SUMMIT ST | 2025-06 | $682,000 | 1,764 | 46.1% |
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