The Fair Share Report
7 Kitchell Pl
Hanover, NJ 07981
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 Hanover's normal range — market price changes haven't singled it out. No case for a tax appeal.
Step 1 · Market value
Likely range $777,950 – $1,020,675, 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 $873,396 home should be assessed near $606,049.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $118,949 below what the ratio math suggests (19.6%).
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
41%85%
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 10 FAIRCHILD PL | 2025-02 | $520,000 | 2,492 | 66.1% |
| 25 SO BELAIR AVE | 2026-05 | $735,000 | 1,960 | 53.3% |
| 25 WASHINGTON AVE | 2026-03 | $840,000 | 2,052 | 50.9% |
| 4 KITCHELL PL | 2026-01 | $825,000 | 1,768 | 45.9% |
| 14 PARSIPPANY RD | 2025-09 | $600,000 | 1,840 | 54.1% |
| 42 FARVIEW AVE | 2025-01 | $701,000 | 2,028 | 55.6% |
| 67 HENDRICKS DR | 2025-09 | $909,000 | 2,502 | 51.9% |
| 15 SO BELAIR AVE | 2026-04 | $852,250 | 2,054 | 49.4% |
| 24 KATHRYN DR | 2025-05 | $888,000 | 2,379 | 55.4% |
| 16 SLOPE DR | 2025-12 | $920,500 | 2,558 | 55.8% |
| 1 HOLLEY ST | 2025-04 | $900,000 | 3,013 | 59.0% |
| 54 LOCUST DR | 2026-02 | $865,000 | 1,976 | 50.8% |
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