The Fair Share Report
50 Broad St
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 $631,299 – $1,420,555, 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 $958,435 home should be assessed near $295,294.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $147,794 below what the ratio math suggests (50.0%).
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
5%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 |
|---|---|---|---|---|
| 80 GLENSIDE AVE | 2025-06 | $680,000 | 1,680 | 28.4% |
| 8 LAFAYETTE AVE | 2025-08 | $890,000 | 1,830 | 24.0% |
| 8 JOHN ST | 2025-04 | $470,000 | 1,597 | 36.1% |
| 41 ASHLAND RD | 2025-05 | $1,250,088 | 1,480 | 23.1% |
| 51 TULIP ST | 2025-07 | $1,460,000 | 1,648 | 23.6% |
| 16 FAIRVIEW AVE | 2026-05 | $1,415,000 | 1,536 | 24.3% |
| 1 BALTUSROL PL | 2026-05 | $619,900 | 1,480 | 23.4% |
| 77 TULIP ST | 2025-11 | $875,000 | 1,496 | 33.3% |
| 84 ASHWOOD AVE | 2026-02 | $940,000 | 1,340 | 22.7% |
| 14 CHAPEL ST | 2025-06 | $1,150,000 | 1,885 | 20.8% |
| 53 MADISON AVE | 2025-07 | $1,150,000 | 1,544 | 21.3% |
| 71 BROAD ST | 2025-10 | $821,000 | 1,849 | 21.2% |
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