The Fair Share Report
6 Edison Dr
Summit, NJ 07974
The town adjusts for market price changes once a year — but only based on the average price change of all homes in the area. This report checks whether this house's assessment kept pace.
Good news — this home pays less than its share
Its assessment sits low relative to what homes like it actually sell for. An appeal would only invite a fresh look at a number working in the owner's favor.
Step 1 · Market value
Likely range $734,690 – $1,195,385, 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 $1,061,157 home should be assessed near $326,942.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $170,842 below what the ratio math suggests (52.3%).
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
8%41%
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 16 LOWELL AVE | 2025-12 | $1,130,000 | 1,625 | 21.5% |
| 4 MIDLAND TERR | 2025-11 | $1,485,000 | 1,476 | 22.3% |
| 24 GREENFIELD AVENUE | 2025-11 | $869,000 | 1,522 | 28.0% |
| 10 HARVEY CT | 2025-09 | $1,212,000 | 1,362 | 27.1% |
| 133 MORRIS AVE | 2026-05 | $615,000 | 1,564 | 23.9% |
| 16 EDISON DR | 2025-11 | $1,368,000 | 1,787 | 30.6% |
| 40 ORCHARD STREET | 2025-02 | $618,000 | — | 1.1% |
| 53 MADISON AVE | 2025-07 | $1,150,000 | 1,544 | 21.3% |
| 13 HENRY ST | 2025-06 | $900,000 | 1,715 | 30.2% |
| 16 FAIRVIEW AVE | 2026-05 | $1,415,000 | 1,536 | 24.3% |
| 31 MIELE PL. | 2025-09 | $650,000 | 1,264 | 28.2% |
| 10 WOODFERN RD | 2025-04 | $990,000 | 1,414 | 29.7% |
Is this your house?
Run your own report →