The Fair Share Report
40 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 $880,419 – $1,148,510, from 12 comparable Summit sales in the past 18 months, at this home's 1,542 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 $1,063,448 home should be assessed near $327,648.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $40,948 below what the ratio math suggests (12.5%).
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%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 |
|---|---|---|---|---|
| 24 GREENFIELD AVENUE | 2025-11 | $869,000 | 1,522 | 28.0% |
| 53 MADISON AVE | 2025-07 | $1,150,000 | 1,544 | 21.3% |
| 16 LOWELL AVE | 2025-12 | $1,130,000 | 1,625 | 21.5% |
| 52 HUNTLEY RD | 2025-05 | $624,000 | 1,654 | 26.2% |
| 1 MILTON AVE | 2026-05 | $980,000 | 1,670 | 24.9% |
| 10 WOODFERN RD | 2025-04 | $990,000 | 1,414 | 29.7% |
| 19 TULIP ST | 2025-11 | $700,000 | 1,593 | 42.5% |
| 55 HIGH ST | 2025-08 | $1,436,135 | 1,504 | 20.4% |
| 14 STONY HILL CT | 2025-06 | $1,120,000 | 1,700 | 30.8% |
| 28 SHUNPIKE RD | 2026-03 | $851,000 | 1,584 | 33.1% |
| 55 CANOE BROOK PKWY | 2025-07 | $1,200,000 | 1,740 | 22.1% |
| 172 COLONIAL RD | 2025-10 | $1,100,000 | 1,458 | 22.6% |
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