The Fair Share Report
87 Broad St
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 $937,503 – $1,486,859, 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 $1,153,103 home should be assessed near $355,271.
Step 3 · Assessed value
Set at the last town-wide revaluation and mostly frozen since. That's $191,271 below what the ratio math suggests (53.8%).
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
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 |
|---|---|---|---|---|
| 1 EUCLID AVE APT 3-B | 2026-06 | $1,460,000 | 1,720 | 20.0% |
| 1 EUCLID AVE APT 3-B | 2025-08 | $1,450,000 | 1,720 | 20.1% |
| 1 MILTON AVE | 2026-05 | $980,000 | 1,670 | 24.9% |
| 13 HENRY ST | 2025-06 | $900,000 | 1,715 | 30.2% |
| 14 STONY HILL CT | 2025-06 | $1,120,000 | 1,700 | 30.8% |
| 55 CANOE BROOK PKWY | 2025-07 | $1,200,000 | 1,740 | 22.1% |
| 52 HUNTLEY RD | 2025-05 | $624,000 | 1,654 | 26.2% |
| 57 HIGH ST | 2025-09 | $1,320,000 | 1,724 | 24.3% |
| 24 GREENFIELD AVENUE | 2025-11 | $869,000 | 1,522 | 28.0% |
| 14 EUCLID AVENUE UNIT 102 | 2026-06 | $1,600,000 | 1,662 | 24.0% |
| 57 MICHIGAN AVE | 2025-09 | $715,000 | 1,496 | 27.9% |
| 51 TULIP ST | 2025-07 | $1,460,000 | 1,648 | 23.6% |
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