The Fair Share Report
5 Irving Pl
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 $733,665 – $1,432,751, 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 $893,870 home should be assessed near $275,401.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $59,501 below what the ratio math suggests (21.6%).
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%
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 |
|---|---|---|---|---|
| 21 AUBREY ST | 2025-06 | $775,000 | 1,800 | 23.3% |
| 9 DENMAN PL | 2025-01 | $600,000 | 1,400 | 30.9% |
| 4 SUMMIT AVE | 2025-01 | $871,500 | 1,850 | 26.3% |
| 475 MORRIS AVE | 2025-12 | $950,000 | 2,144 | 17.9% |
| 62 MOUNTAIN AVE | 2026-03 | $1,325,000 | 1,978 | 23.5% |
| 29 ASHWOOD AVE | 2026-03 | $700,000 | 1,354 | 26.8% |
| 8 LAFAYETTE AVE | 2025-08 | $890,000 | 1,830 | 24.0% |
| 13 HENRY ST | 2025-06 | $900,000 | 1,715 | 30.2% |
| 8 JOHN ST | 2025-04 | $470,000 | 1,597 | 36.1% |
| 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% |
| 16 EDISON DR | 2025-11 | $1,368,000 | 1,787 | 30.6% |
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