The Fair Share Report
38 Gloucester Rd
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 $1,029,546 – $1,368,284, 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 $1,171,485 home should be assessed near $360,935.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $50,265 above what the ratio math suggests (13.9%).
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%45%
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 |
|---|---|---|---|---|
| 1 EUCLID AVE APT 3-B | 2026-06 | $1,460,000 | 1,720 | 20.0% |
| 1 EUCLID AVE APT 3-B | 2025-08 | $1,450,000 | 1,720 | 20.1% |
| 57 HIGH ST | 2025-09 | $1,320,000 | 1,724 | 24.3% |
| 170 CANOE BROOK PKWY | 2026-03 | $1,500,000 | 1,739 | 23.6% |
| 14 HARVARD ST | 2025-05 | $979,000 | 1,605 | 28.5% |
| 3 ROTARY DR | 2025-07 | $975,000 | 1,444 | 37.9% |
| 50 WEST END AVE | 2025-05 | $1,325,000 | 1,976 | 22.2% |
| 28 LONDONDERRY WAY | 2025-12 | $1,250,000 | 1,839 | 26.4% |
| 55 CANOE BROOK PKWY | 2025-07 | $1,200,000 | 1,740 | 22.1% |
| 107 KENT PLACE BLVD | 2025-04 | $915,000 | 1,914 | 29.4% |
| 28 SHUNPIKE RD | 2026-03 | $851,000 | 1,584 | 33.1% |
| 218 MOUNTAIN AVE | 2025-07 | $999,999 | 1,492 | 28.6% |
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