The Fair Share Report
71 Broad St
Summit, NJ 07078
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 $748,405 – $1,499,421, from 12 comparable Summit sales in the past 18 months, at this home's 1,849 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 $1,128,037 home should be assessed near $347,548.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $173,448 below what the ratio math suggests (49.9%).
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
6%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 |
|---|---|---|---|---|
| 21 PEARL ST | 2025-05 | $700,000 | 2,012 | 30.8% |
| 14 CHAPEL ST | 2025-06 | $1,150,000 | 1,885 | 20.8% |
| 80 GLENSIDE AVE | 2025-06 | $680,000 | 1,680 | 28.4% |
| 4 SUMMIT AVE | 2025-01 | $871,500 | 1,850 | 26.3% |
| 8 LAFAYETTE AVE | 2025-08 | $890,000 | 1,830 | 24.0% |
| 51 TULIP ST | 2025-07 | $1,460,000 | 1,648 | 23.6% |
| 142 MORRIS AVE | 2025-06 | $699,000 | 2,076 | 28.9% |
| 42 PARKVIEW TERR | 2025-05 | $1,650,000 | 1,722 | 24.4% |
| 34 ASHLAND RD | 2025-11 | $1,750,000 | 2,158 | 21.3% |
| 47 MOUNTAIN AVE | 2025-05 | $1,299,900 | 2,075 | 25.0% |
| 7 WEBSTER AVE | 2025-07 | $1,160,000 | 2,107 | 30.3% |
| 25 CLARK ST | 2025-08 | $1,250,000 | 1,914 | 15.4% |
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