The Fair Share Report
5 Thomas Dr
Independence, NJ 07840
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 $466,287 – $698,744, from 12 comparable Independence 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 Independence assessments sit below market value — republished every October, applied town-wide. A $516,574 home should be assessed near $305,967.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $17,167 below what the ratio math suggests (5.6%).
Step 4 · The tax rate — same for every Independence home
$2.295 Schools · 60% $0.873 County · 23% $0.627 Town · 17%
Step 5 · The bill
This home vs. every recent Independence sale · assessed ÷ market
36%74%
Paying about right
This home's ratio lands inside Independence'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 |
|---|---|---|---|---|
| 8 RIDGE RD | 2025-09 | $382,000 | 2,739 | 73.5% |
| 20 HIGHLAND RD | 2025-12 | $625,000 | 2,334 | 43.7% |
| 43 VASSAR RD | 2025-10 | $700,000 | 2,666 | 49.3% |
| 108 PETERSBURG RD | 2025-08 | $490,000 | 2,650 | 54.1% |
| 14 ENDICOTT DR | 2025-06 | $625,000 | 2,142 | 45.0% |
| 88 OVERLOOK DR | 2025-10 | $390,500 | 1,840 | 46.8% |
| 6 ROSE LANE | 2026-01 | $735,000 | 2,742 | 52.8% |
| 49 KETCHAM RD | 2026-03 | $655,500 | 3,520 | 57.5% |
| 121 ROUTE 46 | 2025-06 | $400,000 | 1,973 | 59.0% |
| 185 PETERSBURG RD | 2025-07 | $445,000 | 2,080 | 50.1% |
| 344 ROUTE 46 | 2025-10 | $385,000 | 2,199 | 57.2% |
| 73 OVERLOOK DR | 2025-10 | $335,000 | 1,770 | 50.6% |
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