The Fair Share Report
31 Edison 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 $1,158,158 – $2,120,364, 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 $1,534,792 home should be assessed near $472,869.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $147,669 below what the ratio math suggests (31.2%).
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
10%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 |
|---|---|---|---|---|
| 40 ORCHARD STREET | 2025-02 | $618,000 | — | 1.1% |
| 24 RUSSELL PL | 2025-02 | $1,549,000 | 2,636 | 33.0% |
| 44 CANOE BROOK PKWY | 2026-06 | $1,810,000 | 2,171 | 23.4% |
| 17 WILLIAM ST | 2025-01 | $1,250,000 | 2,519 | 25.6% |
| 47 PARKVIEW TERR | 2025-09 | $1,925,000 | 1,980 | 27.9% |
| 15 CREST ACRE CT | 2026-04 | $1,499,000 | 2,567 | 51.5% |
| 10 GARDEN RD | 2025-03 | $1,561,000 | 2,442 | 22.6% |
| 69 ASHWOOD AVE | 2025-05 | $880,000 | 2,372 | 27.8% |
| 154 WOODLAND AVE | 2026-03 | $1,616,000 | 2,444 | 28.2% |
| 12 BEEKMAN RD | 2025-07 | $2,405,000 | 2,445 | 23.3% |
| 202-202A MORRIS AVENUE | 2025-03 | $620,000 | 2,239 | 33.2% |
| 16 EDISON DR | 2025-11 | $1,368,000 | 1,787 | 30.6% |
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