The Fair Share Report
322 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 $414,117 – $2,082,315, 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 $1,495,024 home should be assessed near $460,617.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $302,883 above what the ratio math suggests (65.8%).
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%190%
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 $13,539/yr at stake. NJ appeals are generally due April 1.
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 15 CREST ACRE CT | 2026-04 | $1,499,000 | 2,567 | 51.5% |
| 103 PARK AVE - UNIT D4 | 2025-11 | $600,000 | 2,650 | 23.4% |
| 25 NORWOOD AVENUE, UNIT 3 | 2025-07 | $1,750,000 | 3,345 | 31.4% |
| 7-9 HENRY ST | 2025-11 | $515,000 | 2,716 | 47.5% |
| 25 LOCUST DR | 2025-08 | $1,525,000 | 2,738 | 27.8% |
| 25 WALNUT ST | 2025-10 | $620,000 | 2,960 | 39.8% |
| 26 HAWTHORNE PL | 2025-04 | $2,200,000 | 3,133 | 29.6% |
| 28 MOUNTAIN AVE | 2025-07 | $1,300,000 | 2,468 | 22.2% |
| 27 BEEKMAN RD | 2025-11 | $2,295,000 | 3,219 | 26.5% |
| 115 MAPLE ST | 2025-10 | $2,550,000 | 3,093 | 23.8% |
| 13 IRVING PL | 2025-03 | $550,000 | 2,432 | 48.2% |
| 242 KENT PL BLVD | 2025-05 | $2,055,000 | 3,200 | 24.4% |
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