The Fair Share Report
5 Edison 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 $1,326,660 – $1,868,837, 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 $1,494,379 home should be assessed near $460,418.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $170,718 below what the ratio math suggests (37.1%).
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
10%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 |
|---|---|---|---|---|
| 9 FAITOUTE COURT | 2025-07 | $1,330,000 | 2,030 | 21.9% |
| 206 BLACKBURN RD | 2025-05 | $1,705,000 | 2,141 | 23.5% |
| 9 STONY HILL CT | 2025-08 | $1,700,216 | 2,478 | 28.5% |
| 19 DALE DR | 2025-08 | $1,375,000 | 2,201 | 31.4% |
| 10 GARDEN RD | 2025-03 | $1,561,000 | 2,442 | 22.6% |
| 11 HICKORY RD | 2025-09 | $1,765,000 | 2,144 | 21.5% |
| 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% |
| 148 DIVISION AVE | 2025-03 | $1,412,000 | 2,347 | 28.3% |
| 275 WOODLAND AVE | 2026-06 | $1,655,000 | 2,098 | 22.7% |
| 9 HAWTHORNE PL | 2025-09 | $1,350,000 | 2,080 | 34.8% |
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