The Fair Share Report
72 Summit Ave
Hanover, NJ 07927
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 $397,917 – $618,498, from 12 comparable Hanover sales in the past 18 months, at this home's 1,228 sq ft.
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 $581,951 home should be assessed near $403,816.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $139,484 above what the ratio math suggests (34.5%).
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%142%
Looks meaningfully over-assessed
Even at the generous end of the range, this home's ratio clears the Chapter 123 appeal line (79.80%) — roughly $2,861/yr at stake. NJ appeals are generally due April 1.
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 1 WOODCREST RD | 2025-09 | $699,000 | 1,222 | 45.3% |
| 22 WASHINGTON AVE | 2025-05 | $400,000 | 1,144 | 82.3% |
| 41 LEFKE LN | 2025-11 | $575,000 | 1,182 | 52.7% |
| 26 HANOVER AVE | 2025-02 | $403,750 | 1,246 | 70.5% |
| 15 HORSEHILL RD | 2025-06 | $325,000 | 1,331 | 87.0% |
| 47 LEFKE LN | 2025-12 | $425,000 | 1,378 | 74.7% |
| 47 LEFKE LN | 2025-10 | $340,000 | 1,378 | 93.3% |
| 45 PERRY ST | 2025-09 | $690,000 | 1,456 | 52.9% |
| 6 HAMILTON CT | 2026-02 | $650,000 | 1,368 | 52.2% |
| 26 BIRCH HILL DR | 2025-11 | $806,000 | 1,416 | 46.9% |
| 7 BERKSHIRE ST | 2025-11 | $700,000 | 1,431 | 51.3% |
| 201 CAMBRIDGE ST | 2025-05 | $550,000 | 1,092 | 61.0% |
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