The Fair Share Report
5 Kitchell Pl
Hanover, NJ 07981
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 $516,061 – $824,027, from 12 comparable Hanover 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 Hanover assessments sit below market value — republished every October, applied town-wide. A $709,548 home should be assessed near $492,355.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $152,955 below what the ratio math suggests (31.1%).
Step 4 · The tax rate — same for every Hanover home
$1.207 Schools · 59% $0.314 County · 15% $0.529 Town · 26%
Step 5 · The bill
This home vs. every recent Hanover sale · assessed ÷ market
36%85%
Paying about right
This home's ratio lands inside Hanover'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 |
|---|---|---|---|---|
| 45 PERRY ST | 2025-09 | $690,000 | 1,456 | 52.9% |
| 17 HORSEHILL RD | 2026-02 | $531,000 | 1,469 | 58.8% |
| 48 LONGVIEW DR | 2025-07 | $800,000 | 1,480 | 51.5% |
| 21 COUNTRYWOOD DR | 2025-06 | $790,000 | 1,482 | 51.1% |
| 23 LOCUST DR | 2026-04 | $890,000 | 1,482 | 42.8% |
| 26 BIRCH HILL DR | 2025-11 | $806,000 | 1,416 | 46.9% |
| 7 BERKSHIRE ST | 2025-11 | $700,000 | 1,431 | 51.3% |
| 47 LEFKE LN | 2025-12 | $425,000 | 1,378 | 74.7% |
| 47 LEFKE LN | 2025-10 | $340,000 | 1,378 | 93.3% |
| 72 REYNOLDS AVE | 2025-11 | $695,000 | 1,481 | 45.6% |
| 15 HORSEHILL RD | 2025-06 | $325,000 | 1,331 | 87.0% |
| 43 CRESCENT DR | 2025-09 | $650,000 | 1,677 | 55.8% |
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