The Fair Share Report
305 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 $1,841,546 – $2,504,175, from 12 comparable Summit sales in the past 18 months, at this home's 2,868 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 $2,268,716 home should be assessed near $698,991.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $47,691 below what the ratio math suggests (6.8%).
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 |
|---|---|---|---|---|
| 49 NORWOOD AVE | 2026-05 | $2,500,000 | 2,876 | 21.3% |
| 62 BEEKMAN RD | 2025-11 | $1,850,000 | 2,562 | 26.5% |
| 25 SWEETBRIAR RD | 2025-04 | $1,600,000 | 2,800 | 32.0% |
| 25 DOGWOOD DR | 2026-06 | $2,999,000 | 3,053 | 19.8% |
| 1 LORRAINE RD | 2025-04 | $2,175,000 | 2,491 | 22.3% |
| 15 CREST ACRE CT | 2026-04 | $1,499,000 | 2,567 | 51.5% |
| 8 DUNNDER DR | 2026-04 | $2,325,000 | 2,788 | 20.4% |
| 1 SWEETBRIAR RD | 2025-03 | $2,500,000 | 2,736 | 23.8% |
| 16 ROTARY DR | 2025-04 | $2,051,000 | 2,959 | 30.2% |
| 69 ELM ST | 2026-06 | $2,300,000 | 2,845 | 20.6% |
| 63 WHITTREDGE RD | 2025-10 | $2,795,000 | 2,576 | 31.6% |
| 55 ROTARY DR | 2025-08 | $2,150,000 | 3,032 | 25.1% |
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