The Fair Share Report
7 Malvern 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 $1,420,310 – $2,073,662, 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 $1,716,972 home should be assessed near $528,999.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $82,599 below what the ratio math suggests (15.6%).
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
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 |
|---|---|---|---|---|
| 3 DRUM HILL DRIVE | 2025-02 | $1,600,000 | 2,903 | 27.9% |
| 49 OAKLAND PL | 2025-12 | $1,852,000 | 2,691 | 30.1% |
| 13 HUNTLEY RD | 2025-03 | $1,390,000 | 2,850 | 27.3% |
| 14 JOANNA WAY | 2026-03 | $1,950,000 | 2,617 | 24.7% |
| 10 GARDEN RD | 2025-03 | $1,561,000 | 2,442 | 22.6% |
| 110 DIVISION AVE | 2025-10 | $1,319,000 | 2,504 | 25.2% |
| 35 BLACKBURN PL | 2025-05 | $2,000,000 | 2,656 | 22.6% |
| 1 SWEETBRIAR RD | 2025-03 | $2,500,000 | 2,736 | 23.8% |
| 238 WOODLAND AVE | 2025-07 | $1,150,000 | 2,598 | 32.4% |
| 16 LITTLE WOLF RD | 2026-02 | $1,900,000 | 2,731 | 23.6% |
| 50 PORTLAND RD | 2025-04 | $2,175,000 | 2,705 | 27.6% |
| 164 KENT PLACE BLVD | 2025-01 | $1,699,000 | 2,646 | 21.8% |
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