The Fair Share Report
124 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 $2,766,913 – $3,332,759, 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 $2,967,482 home should be assessed near $914,281.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $105,081 below what the ratio math suggests (11.5%).
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
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 |
|---|---|---|---|---|
| 181 OAK RIDGE AVE | 2026-02 | $3,499,999 | 4,129 | 29.2% |
| 99 FERNWOOD RD | 2025-07 | $3,000,000 | 4,056 | 31.7% |
| 44 SILVER LAKE DR | 2026-04 | $4,150,000 | 4,250 | 28.1% |
| 8 TEMPLAR WAY | 2025-11 | $2,600,000 | 3,804 | 28.8% |
| 8 TEMPLAR WAY | 2025-04 | $2,500,000 | 3,804 | 30.0% |
| 10 LITTLE WOLF RD | 2025-05 | $3,055,000 | 3,898 | 23.8% |
| 3 BRANTWOOD DR | 2025-10 | $2,850,000 | 3,962 | 32.3% |
| 14 ARGYLE CT | 2025-09 | $3,400,000 | 4,370 | 33.0% |
| 45 VALLEY VIEW AVE | 2025-03 | $3,000,000 | 4,308 | 22.4% |
| 159 KENT PLACE BLVD | 2025-08 | $2,525,000 | 3,538 | 27.8% |
| 23 ARGYLE CT | 2026-05 | $2,895,000 | 4,143 | 33.2% |
| 166 COLONIAL RD | 2025-12 | $2,470,000 | 3,979 | 22.3% |
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