The Fair Share Report
25 Laurel Ave
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 $1,401,923 – $1,794,019, from 12 comparable Summit sales in the past 18 months, at this home's 2,160 sq ft.
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 $1,703,908 home should be assessed near $524,974.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $60,274 below what the ratio math suggests (11.5%).
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
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 |
|---|---|---|---|---|
| 34 ASHLAND RD | 2025-11 | $1,750,000 | 2,158 | 21.3% |
| 275 WOODLAND AVE | 2026-06 | $1,655,000 | 2,098 | 22.7% |
| 7 WEBSTER AVE | 2025-07 | $1,160,000 | 2,107 | 30.3% |
| 104 PINE GROVE AVE | 2025-01 | $1,625,000 | 2,164 | 25.7% |
| 147 CANOE BROOK PKWY | 2025-11 | $1,700,000 | 2,021 | 21.5% |
| 11 HICKORY RD | 2025-09 | $1,765,000 | 2,144 | 21.5% |
| 4 BEEKMAN RD | 2026-05 | $2,000,000 | 2,242 | 22.9% |
| 88 BEEKMAN RD | 2026-03 | $1,999,999 | 2,408 | 21.6% |
| 44 CANOE BROOK PKWY | 2026-06 | $1,810,000 | 2,171 | 23.4% |
| 19 HICKORY RD | 2025-06 | $1,450,000 | 2,040 | 24.3% |
| 34 OAKLEY AVE | 2025-06 | $1,800,000 | 2,428 | 25.9% |
| 9 HAWTHORNE PL | 2025-09 | $1,350,000 | 2,080 | 34.8% |
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