The Fair Share Report
24 Iris 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 $928,230 – $1,348,138, 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 $1,196,757 home should be assessed near $368,721.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $131,221 below what the ratio math suggests (35.6%).
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
12%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 |
|---|---|---|---|---|
| 42 PARKVIEW TERR | 2025-05 | $1,650,000 | 1,722 | 24.4% |
| 55 CANOE BROOK PKWY | 2025-07 | $1,200,000 | 1,740 | 22.1% |
| 1 MILTON AVE | 2026-05 | $980,000 | 1,670 | 24.9% |
| 276 KENT PLACE BLVD | 2026-04 | $1,306,000 | 1,774 | 18.1% |
| 14 STONY HILL CT | 2025-06 | $1,120,000 | 1,700 | 30.8% |
| 52 HUNTLEY RD | 2025-05 | $624,000 | 1,654 | 26.2% |
| 170 CANOE BROOK PKWY | 2026-03 | $1,500,000 | 1,739 | 23.6% |
| 16 LOWELL AVE | 2025-12 | $1,130,000 | 1,625 | 21.5% |
| 16 EDISON DR | 2025-11 | $1,368,000 | 1,787 | 30.6% |
| 24 GREENFIELD AVENUE | 2025-11 | $869,000 | 1,522 | 28.0% |
| 11 MT VERNON AVE | 2026-03 | $1,300,000 | 1,862 | 22.0% |
| 57 HIGH ST | 2025-09 | $1,320,000 | 1,724 | 24.3% |
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