The Fair Share Report
25 Locust Dr
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 $1,015,784 – $2,111,839, from 12 comparable Summit sales in the past 18 months, at this home's 2,738 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 $1,757,005 home should be assessed near $541,333.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $116,833 below what the ratio math suggests (21.6%).
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
15%47%
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 |
|---|---|---|---|---|
| 11 LAFAYETTE AVE | 2025-07 | $1,260,000 | 2,667 | 20.8% |
| 69 ELM ST | 2026-06 | $2,300,000 | 2,845 | 20.6% |
| 18-18A WALNUT ST | 2025-03 | $800,000 | 2,528 | 30.5% |
| 7-9 HENRY ST | 2025-11 | $515,000 | 2,716 | 47.5% |
| 15 CREST ACRE CT | 2026-04 | $1,499,000 | 2,567 | 51.5% |
| 6 LORRAINE RD | 2026-02 | $1,999,999 | 2,593 | 28.5% |
| 109 MOUNTAIN AVE | 2025-12 | $1,825,000 | 2,429 | 20.3% |
| 226 MOUNTAIN AVE | 2026-06 | $1,680,000 | 2,618 | 22.4% |
| 34 OAKLEY AVE | 2025-06 | $1,800,000 | 2,428 | 25.9% |
| 49 NORWOOD AVE | 2026-05 | $2,500,000 | 2,876 | 21.3% |
| 69 ASHWOOD AVE | 2025-05 | $880,000 | 2,372 | 27.8% |
| 25 WALNUT ST | 2025-10 | $620,000 | 2,960 | 39.8% |
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