The Fair Share Report
47 Broad St
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 $774,486 – $1,517,839, 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 $1,287,595 home should be assessed near $396,708.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $218,908 below what the ratio math suggests (55.2%).
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
6%41%
Keep quiet and enjoy it
This home's assessment ratio sits below the Summit pack — the frozen assessment is treating it kindly. It pays less than a fresh look would charge.
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 42 PARKVIEW TERR | 2025-05 | $1,650,000 | 1,722 | 24.4% |
| 51 TULIP ST | 2025-07 | $1,460,000 | 1,648 | 23.6% |
| 16 FAIRVIEW AVE | 2026-05 | $1,415,000 | 1,536 | 24.3% |
| 276 KENT PLACE BLVD | 2026-04 | $1,306,000 | 1,774 | 18.1% |
| 147 CANOE BROOK PKWY | 2025-11 | $1,700,000 | 2,021 | 21.5% |
| 71 BROAD ST | 2025-10 | $821,000 | 1,849 | 21.2% |
| 77 TULIP ST | 2025-11 | $875,000 | 1,496 | 33.3% |
| 133 MORRIS AVE | 2026-05 | $615,000 | 1,564 | 23.9% |
| 104 PINE GROVE AVE | 2025-01 | $1,625,000 | 2,164 | 25.7% |
| 16 EDISON DR | 2025-11 | $1,368,000 | 1,787 | 30.6% |
| 7 WEBSTER AVE | 2025-07 | $1,160,000 | 2,107 | 30.3% |
| 10 LEWIS AVE | 2025-12 | $695,100 | 1,384 | 24.9% |
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