The Fair Share Report
57 Prospect 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 $3,343,726 – $4,782,454, 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 $3,683,571 home should be assessed near $1,134,908.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $36,308 below what the ratio math suggests (3.2%).
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
16%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 |
|---|---|---|---|---|
| 57 FERNWOOD RD | 2025-06 | $4,650,000 | 5,077 | 27.3% |
| 181 SUMMIT AVE | 2025-12 | $2,975,000 | 5,379 | 35.2% |
| 5 SUNSET DR | 2025-07 | $2,255,000 | 4,448 | 26.8% |
| 141 HOBART AVE | 2025-04 | $4,500,000 | 6,437 | 31.2% |
| 121 WHITTREDGE RD | 2025-03 | $4,350,000 | 5,063 | 29.6% |
| 34 DOGWOOD DR | 2025-05 | $4,110,000 | 4,519 | 25.0% |
| 115 BEECHWOOD RD | 2025-11 | $3,175,000 | 4,798 | 26.2% |
| 115 BEECHWOOD RD | 2025-06 | $3,200,000 | 4,798 | 26.0% |
| 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% |
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