The Fair Share Report
152 Colonial Rd
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 $1,569,219 – $2,501,968, 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 $1,955,863 home should be assessed near $602,601.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $113,001 below what the ratio math suggests (18.8%).
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
14%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 |
|---|---|---|---|---|
| 226 MOUNTAIN AVE | 2026-06 | $1,680,000 | 2,618 | 22.4% |
| 49 NORWOOD AVE | 2026-05 | $2,500,000 | 2,876 | 21.3% |
| 164 KENT PLACE BLVD | 2025-01 | $1,699,000 | 2,646 | 21.8% |
| 13 HUNTLEY RD | 2025-03 | $1,390,000 | 2,850 | 27.3% |
| 49 OAKLAND PL | 2025-12 | $1,852,000 | 2,691 | 30.1% |
| 79 BLACKBURN PL | 2025-06 | $2,725,000 | 3,166 | 22.5% |
| 24 RUSSELL PL | 2025-02 | $1,549,000 | 2,636 | 33.0% |
| 33 CROMWELL PKWY | 2025-12 | $2,489,000 | 3,052 | 24.2% |
| 154 WOODLAND AVE | 2026-03 | $1,616,000 | 2,444 | 28.2% |
| 69 ELM ST | 2026-06 | $2,300,000 | 2,845 | 20.6% |
| 6 LORRAINE RD | 2026-02 | $1,999,999 | 2,593 | 28.5% |
| 3 DRUM HILL DRIVE | 2025-02 | $1,600,000 | 2,903 | 27.9% |
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