The Fair Share Report
34 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 $1,194,720 – $2,167,688, 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 $1,785,241 home should be assessed near $550,033.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $56,333 below what the ratio math suggests (10.2%).
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%47%
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 |
|---|---|---|---|---|
| 25 LOCUST DR | 2025-08 | $1,525,000 | 2,738 | 27.8% |
| 69 ELM ST | 2026-06 | $2,300,000 | 2,845 | 20.6% |
| 11 LAFAYETTE AVE | 2025-07 | $1,260,000 | 2,667 | 20.8% |
| 26 HAWTHORNE PL | 2025-04 | $2,200,000 | 3,133 | 29.6% |
| 49 NORWOOD AVE | 2026-05 | $2,500,000 | 2,876 | 21.3% |
| 12-14 GLENSIDE AVE | 2026-02 | $990,000 | 2,838 | 26.2% |
| 28 MOUNTAIN AVE | 2025-07 | $1,300,000 | 2,468 | 22.2% |
| 25 WALNUT ST | 2025-10 | $620,000 | 2,960 | 39.8% |
| 109 MOUNTAIN AVE | 2025-12 | $1,825,000 | 2,429 | 20.3% |
| 15 CREST ACRE CT | 2026-04 | $1,499,000 | 2,567 | 51.5% |
| 34 OAKLEY AVE | 2025-06 | $1,800,000 | 2,428 | 25.9% |
| 7-9 HENRY ST | 2025-11 | $515,000 | 2,716 | 47.5% |
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