The Fair Share Report
7 Wallace Rd
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 $1,316,242 – $2,035,725, 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 $1,518,172 home should be assessed near $467,749.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $85,449 below what the ratio math suggests (18.3%).
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
13%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 |
|---|---|---|---|---|
| 29 DRUID HILL RD | 2025-10 | $1,999,999 | 2,460 | 29.8% |
| 34 SWEETBRIAR RD | 2025-11 | $1,999,999 | 2,327 | 23.8% |
| 104 DRUID HILL RD | 2025-04 | $1,550,000 | 2,370 | 32.0% |
| 36 DALE DR | 2026-03 | $1,100,000 | 2,529 | 37.8% |
| 91 CANOE BROOK PKWY | 2026-03 | $1,275,000 | 2,210 | 24.2% |
| 148 DIVISION AVE | 2025-03 | $1,412,000 | 2,347 | 28.3% |
| 19 DALE DR | 2025-08 | $1,375,000 | 2,201 | 31.4% |
| 238 WOODLAND AVE | 2025-07 | $1,150,000 | 2,598 | 32.4% |
| 12 BEEKMAN RD | 2025-07 | $2,405,000 | 2,445 | 23.3% |
| 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% |
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