The Fair Share Report
48 Third St
Somerville, NJ 08876
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 Somerville's normal range — market price changes haven't singled it out. No case for a tax appeal.
Step 1 · Market value
Likely range $380,000 – $682,000, 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 $525,000 home should be assessed near $308,700.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $106,100 below what the ratio math suggests (34.4%).
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
24%73%
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 68 SOMERSET ST | 2025-05 | $520,000 | 1,744 | 46.7% |
| 25 E CLIFF ST | 2025-02 | $290,000 | 2,644 | 72.3% |
| 21 W SPRING ST | 2025-03 | $485,000 | 1,292 | 53.9% |
| 71 CENTRAL AVE | 2026-01 | $525,000 | 1,488 | 47.2% |
| 32 THIRD ST | 2026-05 | $340,000 | 1,456 | 59.4% |
| 40 THIRD ST | 2025-11 | $768,000 | 2,076 | 34.1% |
| 27 SECOND ST | 2026-03 | $380,000 | 1,380 | 49.9% |
| 81-83 GROVE ST | 2025-12 | $605,000 | 2,142 | 41.9% |
| 25 VANDERVEER AVE. | 2025-10 | $752,000 | 2,262 | 39.9% |
| 25 CENTRAL AVE | 2025-07 | $480,000 | 1,561 | 40.1% |
| 148 DAVENPORT ST | 2025-10 | $739,000 | 2,600 | 34.9% |
| 218 W SUMMIT ST | 2025-06 | $682,000 | 1,764 | 46.1% |
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