The Fair Share Report
48 Colt 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 $2,388,295 – $3,114,577, from 12 comparable Summit sales in the past 18 months, at this home's 3,719 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 $2,941,896 home should be assessed near $906,398.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $334,998 below what the ratio math suggests (37.0%).
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
13%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 |
|---|---|---|---|---|
| 100 LARNED RD | 2025-11 | $3,200,000 | 3,821 | 21.5% |
| 138 MOUNTAIN AVE | 2025-05 | $2,300,000 | 3,846 | 27.4% |
| 80 WOODLAND AVE | 2025-01 | $3,325,000 | 3,759 | 22.2% |
| 10 WESTMINSTER RD | 2026-05 | $2,650,000 | 3,350 | 24.3% |
| 60 LENOX RD | 2025-07 | $3,400,000 | 4,207 | 26.6% |
| 58 PROSPECT HILL AVE | 2025-11 | $3,780,000 | 4,275 | 28.4% |
| 242 KENT PL BLVD | 2025-05 | $2,055,000 | 3,200 | 24.4% |
| 11 BRANTWOOD DR | 2026-05 | $2,935,000 | 3,312 | 25.1% |
| 11 BRANTWOOD DR | 2025-05 | $2,575,000 | 3,312 | 28.7% |
| 115 MAPLE ST | 2025-10 | $2,550,000 | 3,093 | 23.8% |
| 45 LEWIS AVE | 2025-08 | $1,900,000 | 3,521 | 18.2% |
| 84 PINE GROVE AVE | 2026-06 | $2,250,000 | 3,230 | 26.0% |
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