The Fair Share Report
32 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 $719,409 – $950,617, from 12 comparable Summit sales in the past 18 months, at this home's 1,260 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 $841,195 home should be assessed near $259,172.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $31,528 above what the ratio math suggests (12.2%).
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
16%46%
A touch high — worth watching
This home's ratio sits above most of Summit, but doesn't clear NJ's legal appeal line (35.43%).
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 78 GLENSIDE AVE | 2025-09 | $600,000 | 1,274 | 32.0% |
| 31 MIELE PL. | 2025-09 | $650,000 | 1,264 | 28.2% |
| 31 BUTLER PKWY | 2025-12 | $890,599 | 1,334 | 24.6% |
| 10 WOODFERN RD | 2025-04 | $990,000 | 1,414 | 29.7% |
| 34 CLARK ST | 2025-11 | $700,000 | 1,274 | 24.4% |
| 64 TULIP ST | 2026-04 | $1,089,000 | 1,111 | 25.3% |
| 127 BUTLER PKWY | 2026-02 | $890,599 | 1,398 | 24.3% |
| 10 HARVEY CT | 2025-09 | $1,212,000 | 1,362 | 27.1% |
| 24 GREENFIELD AVENUE | 2025-11 | $869,000 | 1,522 | 28.0% |
| 417 MORRIS AVE UNIT 7 | 2025-06 | $649,000 | 1,024 | 22.4% |
| 53 MADISON AVE | 2025-07 | $1,150,000 | 1,544 | 21.3% |
| 24 PEARL ST | 2026-05 | $756,000 | 1,084 | 26.3% |
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