The Fair Share Report
24 Prospect 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 $1,756,080 – $2,823,944, 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 $2,411,192 home should be assessed near $742,888.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $135,188 below what the ratio math suggests (18.2%).
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
16%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 |
|---|---|---|---|---|
| 25 BEDFORD ROAD | 2026-04 | $1,900,000 | 3,385 | 27.5% |
| 71 DALE DR | 2026-05 | $2,595,000 | 3,287 | 24.9% |
| 11 LINDA LANE | 2025-08 | $1,750,000 | 3,108 | 31.9% |
| 79 BLACKBURN PL | 2025-06 | $2,725,000 | 3,166 | 22.5% |
| 75 TANGLEWOOD DR | 2025-06 | $2,260,000 | 3,154 | 24.4% |
| 45 LEWIS AVE | 2025-08 | $1,900,000 | 3,521 | 18.2% |
| 18 PINE RIDGE DR | 2026-06 | $2,325,000 | 3,178 | 23.3% |
| 96 PORTLAND RD | 2025-06 | $2,619,000 | 3,216 | 25.1% |
| 3 DRUM HILL DRIVE | 2025-02 | $1,600,000 | 2,903 | 27.9% |
| 77 DALE DR | 2025-08 | $2,300,000 | 3,676 | 30.4% |
| 13 HUNTLEY RD | 2025-03 | $1,390,000 | 2,850 | 27.3% |
| 11 BRANTWOOD DR | 2026-05 | $2,935,000 | 3,312 | 25.1% |
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