The Fair Share Report
122 Prospect St
Summit, NJ 07901
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 $2,367,696 – $2,845,273, 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 $2,702,209 home should be assessed near $832,551.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $166,651 below what the ratio math suggests (20.0%).
Step 4 · The tax rate — same for every Summit home
$2.335 Schools · 52% $1.092 County · 24% $1.043 Town · 23%
This home's own bill implies $4.433 per $100 — below the general rate, usually a deduction on the bill (senior, veteran, disabled).
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
16%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 |
|---|---|---|---|---|
| 10 WESTMINSTER RD | 2026-05 | $2,650,000 | 3,350 | 24.3% |
| 100 LARNED RD | 2025-11 | $3,200,000 | 3,821 | 21.5% |
| 11 BRANTWOOD DR | 2026-05 | $2,935,000 | 3,312 | 25.1% |
| 11 BRANTWOOD DR | 2025-05 | $2,575,000 | 3,312 | 28.7% |
| 139 WOODLAND AVE | 2025-06 | $2,700,000 | 3,303 | 26.7% |
| 84 PINE GROVE AVE | 2026-06 | $2,250,000 | 3,230 | 26.0% |
| 25 DOGWOOD DR | 2026-06 | $2,999,000 | 3,053 | 19.8% |
| 96 PORTLAND RD | 2025-06 | $2,619,000 | 3,216 | 25.1% |
| 45 LEWIS AVE | 2025-08 | $1,900,000 | 3,521 | 18.2% |
| 242 KENT PL BLVD | 2025-05 | $2,055,000 | 3,200 | 24.4% |
| 18 PINE RIDGE DR | 2026-06 | $2,325,000 | 3,178 | 23.3% |
| 115 MAPLE ST | 2025-10 | $2,550,000 | 3,093 | 23.8% |
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