The Fair Share Report
297 Summit 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 $1,445,598 – $2,098,725, 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 $1,582,355 home should be assessed near $487,524.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $387,476 above what the ratio math suggests (79.5%).
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%66%
Looks meaningfully over-assessed
Even at the generous end of the range, this home's ratio clears the Chapter 123 appeal line (35.43%) — roughly $17,320/yr at stake. NJ appeals are generally due April 1.
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 12-14 GLENSIDE AVE | 2026-02 | $990,000 | 2,838 | 26.2% |
| 15 CREST ACRE CT | 2026-04 | $1,499,000 | 2,567 | 51.5% |
| 284 KENT PLACE BLVD | 2025-06 | $2,000,000 | 3,070 | 24.8% |
| 44 STANLEY AVE | 2025-07 | $999,999 | 1,774 | 27.5% |
| 72 COLT RD | 2025-02 | $2,250,000 | 2,807 | 36.5% |
| 27 BEEKMAN RD | 2025-11 | $2,295,000 | 3,219 | 26.5% |
| 43 PASSAIC AVE | 2026-01 | $1,225,000 | 2,291 | 24.9% |
| 8 DUNNDER DR | 2026-04 | $2,325,000 | 2,788 | 20.4% |
| 115 MAPLE ST | 2025-10 | $2,550,000 | 3,093 | 23.8% |
| 82 FRANKLIN PL UNIT 10 | 2025-07 | $999,999 | 2,116 | 37.0% |
| 571 SPRINGFIELD AVE #1A | 2025-09 | $1,312,500 | 2,320 | 31.6% |
| 50 NEW ENGLAND AV-UNIT 1H | 2025-09 | $1,275,000 | 2,320 | 32.7% |
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