The Fair Share Report
47 Park Ave
Summit, NJ 07041
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 $660,736 – $1,273,246, 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 $900,707 home should be assessed near $277,508.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $63,108 below what the ratio math suggests (22.7%).
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
11%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 |
|---|---|---|---|---|
| 4 SUMMIT AVE | 2025-01 | $871,500 | 1,850 | 26.3% |
| 202-202A MORRIS AVENUE | 2025-03 | $620,000 | 2,239 | 33.2% |
| 40 ORCHARD STREET | 2025-02 | $618,000 | — | 1.1% |
| 47 PARKVIEW TERR | 2025-09 | $1,925,000 | 1,980 | 27.9% |
| 147 CANOE BROOK PKWY | 2025-11 | $1,700,000 | 2,021 | 21.5% |
| 71 BROAD ST | 2025-10 | $821,000 | 1,849 | 21.2% |
| 47 MOUNTAIN AVE | 2025-05 | $1,299,900 | 2,075 | 25.0% |
| 21 AUBREY ST | 2025-06 | $775,000 | 1,800 | 23.3% |
| 62 MOUNTAIN AVE | 2026-03 | $1,325,000 | 1,978 | 23.5% |
| 133 MORRIS AVE | 2026-05 | $615,000 | 1,564 | 23.9% |
| 21 PEARL ST | 2025-05 | $700,000 | 2,012 | 30.8% |
| 8 JOHN ST | 2025-04 | $470,000 | 1,597 | 36.1% |
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