Cost of Living in Summit
Summit's cost of living is shaped by genuinely high housing costs, offset by a comparatively low property-tax rate that still produces a high dollar bill.
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Learn moreNew Jersey's highest-priced NJ Tier B housing in this batch
Summit's median home value ran $994,500 (2024) -- the highest among this project's four NJ Tier B markets built in this batch, substantially above New Jersey's own $584,681 statewide average.
A genuinely low tax rate, a genuinely high dollar bill
Summit's 2025 effective property tax rate (1.475%-1.48%) runs below New Jersey's own 1.88% statewide average -- the lowest of any major Union County commuter town per sourcing reviewed this pass -- yet the average annual tax bill still ran $19,697, among the highest dollar bills in the county, driven by Summit's high home values.
New Jersey's statewide income and sales tax apply
Summit carries no city-specific income or sales tax layer -- New Jersey's graduated state income tax and uniform 6.625% sales tax apply exactly as documented statewide.
Key takeaways
- Summit's median home value ($994,500) is the highest among this project's four NJ Tier B markets in this batch.
- Summit's effective tax rate (1.48%) runs below the NJ statewide average, but the dollar bill ($19,697) still runs high given Summit's home values.
- New Jersey's statewide income and sales tax structure applies with no Summit-specific local layer.
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