The Fair Share Report
72 Broad St
Summit, NJ 07901
The town adjusts for market price changes once a year — but only based on the average price change of all homes in the area. This report checks whether this house's assessment kept pace.
This home's payments are about right
It sits inside Summit's normal range — market price changes haven't singled it out. No case for a tax appeal.
Step 1 · Market value
Likely range $541,286 – $885,985, from 12 comparable Summit sales in the past 18 months, at this home's 1,263 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 $652,954 home should be assessed near $201,175.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $66,775 below what the ratio math suggests (33.2%).
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
10%41%
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 65 SPRINGFIELD AVE | 2026-04 | $700,000 | 1,240 | 19.8% |
| 29 ASHWOOD AVE | 2026-03 | $700,000 | 1,354 | 26.8% |
| 84 ASHWOOD AVE | 2026-02 | $940,000 | 1,340 | 22.7% |
| 1 BALTUSROL PL | 2026-05 | $619,900 | 1,480 | 23.4% |
| 10 LEWIS AVE | 2025-12 | $695,100 | 1,384 | 24.9% |
| 40 ORCHARD STREET | 2025-02 | $618,000 | — | 1.1% |
| 133 MORRIS AVE | 2026-05 | $615,000 | 1,564 | 23.9% |
| 9 DENMAN PL | 2025-01 | $600,000 | 1,400 | 30.9% |
| 8 CHAPEL ST | 2025-06 | $596,584 | 1,196 | 22.0% |
| 41 ASHLAND RD | 2025-05 | $1,250,088 | 1,480 | 23.1% |
| 16 FAIRVIEW AVE | 2026-05 | $1,415,000 | 1,536 | 24.3% |
| 36 GLENSIDE AVE | 2025-03 | $722,000 | 1,049 | 34.2% |
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