The Fair Share Report
173 Broad St
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 $1,244,028 – $1,888,061, 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 $1,575,540 home should be assessed near $485,424.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $235,424 below what the ratio math suggests (48.5%).
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
8%41%
Keep quiet and enjoy it
This home's assessment ratio sits below the Summit pack — the frozen assessment is treating it kindly. It pays less than a fresh look would charge.
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% |
| 24 GATES AVE UNIT A | 2025-10 | $1,250,000 | 1,987 | 27.8% |
| 9 FAITOUTE COURT | 2025-07 | $1,330,000 | 2,030 | 21.9% |
| 38 MIELE PL | 2025-09 | $1,800,000 | 2,185 | 31.0% |
| 709 SPRINGFIELD AVE UNIT1 | 2026-04 | $1,300,000 | 2,230 | 30.1% |
| 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% |
| 47 MOUNTAIN AVE | 2025-05 | $1,299,900 | 2,075 | 25.0% |
| 14 EUCLID AVENUE UNIT 102 | 2026-06 | $1,600,000 | 1,662 | 24.0% |
| 47 PARKVIEW TERR | 2025-09 | $1,925,000 | 1,980 | 27.9% |
| 62 MOUNTAIN AVE | 2026-03 | $1,325,000 | 1,978 | 23.5% |
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