The Fair Share Report
23 Wade Dr
Summit, NJ 07901
The town adjusts for market price changes once a year — but only based on the average price change of all homes in the area. This report checks whether this house's assessment kept pace.
This home's payments are about right
It sits inside Summit's normal range — market price changes haven't singled it out. No case for a tax appeal.
Step 1 · Market value
Likely range $785,912 – $1,211,101, 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 $1,046,246 home should be assessed near $322,348.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $97,048 below what the ratio math suggests (30.1%).
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
13%41%
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 28 SHUNPIKE RD | 2026-03 | $851,000 | 1,584 | 33.1% |
| 19 TULIP ST | 2025-11 | $700,000 | 1,593 | 42.5% |
| 53 MADISON AVE | 2025-07 | $1,150,000 | 1,544 | 21.3% |
| 172 COLONIAL RD | 2025-10 | $1,100,000 | 1,458 | 22.6% |
| 218 MOUNTAIN AVE | 2025-07 | $999,999 | 1,492 | 28.6% |
| 55 HIGH ST | 2025-08 | $1,436,135 | 1,504 | 20.4% |
| 57 MICHIGAN AVE | 2025-09 | $715,000 | 1,496 | 27.9% |
| 57 HIGH ST | 2025-09 | $1,320,000 | 1,724 | 24.3% |
| 127 BUTLER PKWY | 2026-02 | $890,599 | 1,398 | 24.3% |
| 52 HUNTLEY RD | 2025-05 | $624,000 | 1,654 | 26.2% |
| 14 STONY HILL CT | 2025-06 | $1,120,000 | 1,700 | 30.8% |
| 28 LONDONDERRY WAY | 2025-12 | $1,250,000 | 1,839 | 26.4% |
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