The Fair Share Report
709 Springfield Ave Unit2
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 $579,036 – $1,013,918, 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 $677,984 home should be assessed near $208,887.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $78,887 below what the ratio math suggests (37.8%).
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
7%41%
Keep quiet and enjoy it
This home's assessment ratio sits below the Summit pack — the frozen assessment is treating it kindly. It pays less than a fresh look would charge.
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 50 PARMLEY PLACE UNIT 104 | 2026-05 | $953,750 | 1,211 | 31.9% |
| 8 CHAPEL ST | 2025-06 | $596,584 | 1,196 | 22.0% |
| 23 ORCHARD ST | 2025-05 | $630,000 | 1,208 | 24.6% |
| 68-86 NEW ENG.AVE UNIT 41 | 2025-06 | $550,000 | 1,224 | 25.8% |
| 67-75 NEW ENGLAND AVE 67D | 2025-10 | $792,500 | 1,232 | 26.5% |
| 67-75 NEW ENGLAND AVE 75C | 2025-04 | $788,500 | 1,232 | 26.7% |
| 65 SPRINGFIELD AVE | 2026-04 | $700,000 | 1,240 | 19.8% |
| 68-86 NEW ENG.AVE UNIT 13 | 2025-04 | $551,000 | 1,156 | 30.6% |
| 32 LOCUST DR | 2025-12 | $1,350,000 | 1,260 | 21.5% |
| 31 MIELE PL. | 2025-09 | $650,000 | 1,264 | 28.2% |
| 34 CLARK ST | 2025-11 | $700,000 | 1,274 | 24.4% |
| 78 GLENSIDE AVE | 2025-09 | $600,000 | 1,274 | 32.0% |
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