The Fair Share Report
625 Ferrell Rd
Elk, NJ 08043
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 Elk's normal range — market price changes haven't singled it out. No case for a tax appeal.
Step 1 · Market value
Likely range $207,346 – $318,597, from 12 comparable Elk 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 Elk assessments sit below market value — republished every October, applied town-wide. A $270,976 home should be assessed near $163,724.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $35,924 below what the ratio math suggests (21.9%).
Step 4 · The tax rate — same for every Elk home
$1.981 Schools · 54% $0.756 County · 20% $0.951 Town · 26%
Step 5 · The bill
This home vs. every recent Elk sale · assessed ÷ market
35%75%
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 549 HARDINGVILLE RD | 2026-06 | $200,000 | 1,244 | 72.5% |
| 785 BUCK RD | 2026-03 | $347,000 | 1,174 | 41.0% |
| 217 STANGER AVE | 2026-02 | $197,500 | 1,126 | 61.1% |
| 242 STANGER AVE | 2025-10 | $240,000 | 984 | 56.8% |
| 284 CLAYTON AVE | 2025-06 | $349,000 | 1,508 | 48.8% |
| 242 CLAYTON AVE | 2025-11 | $390,000 | 1,528 | 45.7% |
| 60 SPAULDING LN | 2026-05 | $390,000 | 1,458 | 46.1% |
| 232 DAISY AVE | 2025-02 | $365,000 | 1,294 | 49.9% |
| 110 CEDAR BRIDGE RD | 2025-07 | $245,000 | 1,092 | 48.5% |
| 384 UNION ST | 2025-12 | $315,000 | 1,020 | 48.4% |
| 514 BRIDGETON PK | 2025-06 | $361,000 | 1,216 | 54.4% |
| 24 ELK RD | 2025-06 | $385,000 | 1,650 | 52.8% |
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