The Fair Share Report
159 Broad 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 $643,482 – $2,124,125, 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 $1,134,875 home should be assessed near $349,655.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $89,955 below what the ratio math suggests (25.7%).
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
7%46%
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 |
|---|---|---|---|---|
| 15 CREST ACRE CT | 2026-04 | $1,499,000 | 2,567 | 51.5% |
| 13 IRVING PL | 2025-03 | $550,000 | 2,432 | 48.2% |
| 202-202A MORRIS AVENUE | 2025-03 | $620,000 | 2,239 | 33.2% |
| 147 CANOE BROOK PKWY | 2025-11 | $1,700,000 | 2,021 | 21.5% |
| 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% |
| 475 MORRIS AVE | 2025-12 | $950,000 | 2,144 | 17.9% |
| 7-9 HENRY ST | 2025-11 | $515,000 | 2,716 | 47.5% |
| 709 SPRINGFIELD AVE UNIT1 | 2026-04 | $1,300,000 | 2,230 | 30.1% |
| 47 MOUNTAIN AVE | 2025-05 | $1,299,900 | 2,075 | 25.0% |
| 69 ASHWOOD AVE | 2025-05 | $880,000 | 2,372 | 27.8% |
| 106 PARK AVE | 2025-06 | $999,999 | 3,078 | 20.3% |
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