The Fair Share Report
49 Wallace 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 $1,146,055 – $1,553,069, 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 $1,320,247 home should be assessed near $406,768.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $115,568 below what the ratio math suggests (28.4%).
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 |
|---|---|---|---|---|
| 107 KENT PLACE BLVD | 2025-04 | $915,000 | 1,914 | 29.4% |
| 50 WEST END AVE | 2025-05 | $1,325,000 | 1,976 | 22.2% |
| 176 WOODLAND AVE | 2026-03 | $1,400,000 | 1,980 | 21.3% |
| 28 LONDONDERRY WAY | 2025-12 | $1,250,000 | 1,839 | 26.4% |
| 19 DALE DR | 2025-08 | $1,375,000 | 2,201 | 31.4% |
| 57 HIGH ST | 2025-09 | $1,320,000 | 1,724 | 24.3% |
| 11 MT VERNON AVE | 2026-03 | $1,300,000 | 1,862 | 22.0% |
| 91 CANOE BROOK PKWY | 2026-03 | $1,275,000 | 2,210 | 24.2% |
| 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% |
| 170 CANOE BROOK PKWY | 2026-03 | $1,500,000 | 1,739 | 23.6% |
| 104 DRUID HILL RD | 2025-04 | $1,550,000 | 2,370 | 32.0% |
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