The Fair Share Report
72 Colt 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 $1,700,640 – $2,282,113, from 12 comparable Summit sales in the past 18 months, at this home's 2,807 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 $1,990,452 home should be assessed near $613,258.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $208,542 above what the ratio math suggests (34.0%).
Step 4 · The tax rate — same for every Summit home
$2.335 Schools · 52% $1.092 County · 24% $1.043 Town · 23%
This home's own bill implies $4.441 per $100 — below the general rate, usually a deduction on the bill (senior, veteran, disabled).
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%54%
Looks meaningfully over-assessed
Even at the generous end of the range, this home's ratio clears the Chapter 123 appeal line (35.43%) — roughly $9,322/yr at stake. NJ appeals are generally due April 1.
The evidence · comparable sales (SR1A usable-sale records)
| Address | Sold | Price | Sq ft | Ratio |
|---|---|---|---|---|
| 8 DUNNDER DR | 2026-04 | $2,325,000 | 2,788 | 20.4% |
| 25 SWEETBRIAR RD | 2025-04 | $1,600,000 | 2,800 | 32.0% |
| 1 SWEETBRIAR RD | 2025-03 | $2,500,000 | 2,736 | 23.8% |
| 16 LITTLE WOLF RD | 2026-02 | $1,900,000 | 2,731 | 23.6% |
| 35 BLACKBURN PL | 2025-05 | $2,000,000 | 2,656 | 22.6% |
| 25 DOGWOOD DR | 2026-06 | $2,999,000 | 3,053 | 19.8% |
| 16 ROTARY DR | 2025-04 | $2,051,000 | 2,959 | 30.2% |
| 238 WOODLAND AVE | 2025-07 | $1,150,000 | 2,598 | 32.4% |
| 36 DALE DR | 2026-03 | $1,100,000 | 2,529 | 37.8% |
| 284 KENT PLACE BLVD | 2025-06 | $2,000,000 | 3,070 | 24.8% |
| 29 DRUID HILL RD | 2025-10 | $1,999,999 | 2,460 | 29.8% |
| 55 ROTARY DR | 2025-08 | $2,150,000 | 3,032 | 25.1% |
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