The Fair Share Report
694 Springfield Ave
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 $1,034,696 – $1,768,135, from 12 comparable Summit sales in the past 18 months, at this home's 2,102 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 $1,155,194 home should be assessed near $355,915.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $46,685 above what the ratio math suggests (13.1%).
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%44%
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 |
|---|---|---|---|---|
| 91 SPRINGFIELD AV.-1A | 2025-07 | $850,000 | 2,000 | 25.2% |
| 28 MORRIS AVE APT DD1 | 2026-03 | $825,000 | 1,676 | 28.4% |
| 28 MORRIS AVE APT N6 | 2025-08 | $740,000 | 1,676 | 31.0% |
| 28 MORRIS AVE APT EE11 | 2025-07 | $900,000 | 1,676 | 25.7% |
| 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% |
| 571 SPRINGFIELD AVE #1A | 2025-09 | $1,312,500 | 2,320 | 31.6% |
| 50 NEW ENGLAND AV-UNIT 1H | 2025-09 | $1,275,000 | 2,320 | 32.7% |
| 24 GATES AVE UNIT A | 2025-10 | $1,250,000 | 1,987 | 27.8% |
| 147 CANOE BROOK PKWY | 2025-11 | $1,700,000 | 2,021 | 21.5% |
| 43 PASSAIC AVE | 2026-01 | $1,225,000 | 2,291 | 24.9% |
| 82 FRANKLIN PL UNIT 10 | 2025-07 | $999,999 | 2,116 | 37.0% |
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