The Fair Share Report
5 E Summit 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 $500,000 – $730,000, 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 $555,000 home should be assessed near $326,340.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $62,840 below what the ratio math suggests (19.3%).
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
31%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 |
|---|---|---|---|---|
| 175 S BRIDGE ST | 2025-09 | $510,000 | 1,684 | 47.6% |
| 44 MECHANIC ST | 2026-02 | $500,000 | 1,812 | 53.3% |
| 23 W SPRING ST | 2025-12 | $801,000 | 2,274 | 47.4% |
| 185 E HIGH ST | 2026-06 | $740,000 | 2,434 | 47.4% |
| 185 E HIGH ST | 2025-07 | $474,400 | 2,434 | 73.9% |
| 115 FAIRVIEW AVE | 2025-05 | $555,000 | 2,418 | 42.8% |
| 25 W SPRING ST | 2025-10 | $615,000 | 1,444 | 42.6% |
| 224 E HIGH ST | 2026-05 | $559,000 | 2,118 | 54.0% |
| 42 EASTERN AVE | 2025-04 | $675,000 | 1,344 | 42.7% |
| 183 W CLIFF ST | 2025-05 | $500,000 | 1,961 | 48.7% |
| 202 N BRIDGE ST | 2026-06 | $640,000 | 1,342 | 39.7% |
| 90-92 W CLIFF ST | 2025-02 | $500,000 | 2,758 | 61.4% |
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