The Fair Share Report
5 Third Ave
Monroe, NJ 08831
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 Monroe's normal range — market price changes haven't singled it out. No case for a tax appeal.
Step 1 · Market value
Likely range $367,438 – $619,870, from 12 comparable Monroe 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 Monroe assessments sit below market value — republished every October, applied town-wide. A $581,499 home should be assessed near $313,254.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $39,054 below what the ratio math suggests (12.5%).
Step 4 · The tax rate — same for every Monroe home
$1.535 Schools · 56% $0.608 County · 22% $0.596 Town · 22%
Step 5 · The bill
This home vs. every recent Monroe sale · assessed ÷ market
22%80%
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 65 FOREST PARK TERRACE | 2026-02 | $635,000 | 1,524 | 46.0% |
| 13 SHEFFIELD AVE | 2025-07 | $585,000 | 1,518 | 50.2% |
| 106 MONMOUTH RD | 2026-04 | $560,000 | 1,512 | 47.6% |
| 41 DREXEL TERRACE | 2025-04 | $564,000 | 1,512 | 51.5% |
| 39 DREXEL TERRACE | 2025-10 | $610,000 | 1,648 | 53.5% |
| 287C SUNSET CIRCLE | 2025-04 | $337,000 | 1,568 | 33.6% |
| 152A CHATHAM DRIVE | 2025-09 | $422,500 | 1,586 | 36.0% |
| 14 FOREST PARK TERR | 2025-09 | $720,000 | 1,692 | 41.8% |
| 165C BELMAR ROAD | 2025-08 | $277,500 | 1,588 | 40.0% |
| 97A SALIX PLAZA | 2025-10 | $388,000 | 1,538 | 30.6% |
| 27 CARLTON AVENUE | 2025-09 | $510,000 | 1,525 | 55.4% |
| 56 EVERGREEN TERRACE | 2026-04 | $565,000 | 1,444 | 47.2% |
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