The Fair Share Report
5 Sunset 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 $3,097,493 – $3,932,968, from 12 comparable Summit sales in the past 18 months, at this home's 4,448 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 $3,300,513 home should be assessed near $1,016,888.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $412,688 below what the ratio math suggests (40.6%).
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%
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 |
|---|---|---|---|---|
| 57 FERNWOOD RD | 2025-06 | $4,650,000 | 5,077 | 27.3% |
| 74 WHITTREDGE RD | 2025-08 | $4,000,000 | 4,513 | 24.6% |
| 39 OAK RIDGE AVE | 2026-06 | $3,300,000 | 4,734 | 21.6% |
| 58 PROSPECT HILL AVE | 2025-11 | $3,780,000 | 4,275 | 28.4% |
| 30 WILDWOOD LANE | 2026-01 | $3,250,000 | 4,391 | 34.5% |
| 60 LENOX RD | 2025-07 | $3,400,000 | 4,207 | 26.6% |
| 34 DOGWOOD DR | 2025-05 | $4,110,000 | 4,519 | 25.0% |
| 181 SUMMIT AVE | 2025-12 | $2,975,000 | 5,379 | 35.2% |
| 115 BEECHWOOD RD | 2025-11 | $3,175,000 | 4,798 | 26.2% |
| 115 BEECHWOOD RD | 2025-06 | $3,200,000 | 4,798 | 26.0% |
| 125 HILL CREST AVE | 2025-10 | $3,325,000 | 4,481 | 29.1% |
| 121 WHITTREDGE RD | 2025-03 | $4,350,000 | 5,063 | 29.6% |
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