The Fair Share Report
10 Iris Rd
Summit, NJ 07092
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 $1,542,830 – $2,474,325, from 12 comparable Summit 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 Summit assessments sit below market value — republished every October, applied town-wide. A $2,151,407 home should be assessed near $662,848.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $200,848 below what the ratio math suggests (30.3%).
Step 4 · The tax rate — same for every Summit home
$2.335 Schools · 52% $1.092 County · 24% $1.043 Town · 23%
Summit also levies a Special Improvement District charge inside its district boundaries — the county roll doesn't say which homes are in it, but a bill's "IMPROVEMENT DISTRICT" line does. District homes pay $4.654 per $100 all-in (+$0.184).
Step 5 · The bill
This home vs. every recent Summit sale · assessed ÷ market
13%41%
Paying about right
This home's ratio lands inside Summit'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 |
|---|---|---|---|---|
| 40 ORCHARD STREET | 2025-02 | $618,000 | — | 1.1% |
| 37 PLAIN STREET | 2026-01 | $1,715,555 | 2,279 | 21.6% |
| 37 WADE DR | 2025-12 | $2,151,000 | 2,552 | 28.1% |
| 59 NEW ENGLAND AVE UNIT 5 | 2026-06 | $1,999,999 | 2,294 | 31.3% |
| 59 NEW ENGLAND AVE UNIT 8 | 2025-05 | $2,195,000 | 2,294 | 30.3% |
| 38 MIELE PL | 2025-09 | $1,800,000 | 2,185 | 31.0% |
| 25 WALNUT ST | 2025-10 | $620,000 | 2,960 | 39.8% |
| 709 SPRINGFIELD AVE UNIT1 | 2026-04 | $1,300,000 | 2,230 | 30.1% |
| 126 WEST END AVE | 2025-08 | $1,975,000 | 2,925 | 26.4% |
| 159 KENT PLACE BLVD | 2025-08 | $2,525,000 | 3,538 | 27.8% |
| 12 ARDEN PL | 2025-09 | $2,800,000 | 3,151 | 29.3% |
| 24 GATES AVE UNIT A | 2025-10 | $1,250,000 | 1,987 | 27.8% |
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