To be clear housing went up 18% per year for 9 years which is materially different than a housing development causing your house to go up 200%. Teasing out the effect would involve looking at similar areas with different development profiles and would be complicated by the fact that the luxury development is more likely to be built in areas that have themselves recently become more desirable..
Whatever you discovered assigning all growth in your property value to that singular event is clearly erronious. As you mentioned all houses in urban areas have gone up substantially. If we assign 10% of that effect to adjacent luxury development we would conclude they had added 15k to your property value. Of course tax calculations vary by state but lets go with WA for a for instance.
It costs you about $12 a month if you save monthly towards your annual property tax. If we assign 20% to the presence of the luxury development which is almost certainly too much it cost you closer to $25 a month.
Whatever you discovered assigning all growth in your property value to that singular event is clearly erronious. As you mentioned all houses in urban areas have gone up substantially. If we assign 10% of that effect to adjacent luxury development we would conclude they had added 15k to your property value. Of course tax calculations vary by state but lets go with WA for a for instance.
It costs you about $12 a month if you save monthly towards your annual property tax. If we assign 20% to the presence of the luxury development which is almost certainly too much it cost you closer to $25 a month.
The truth is certainly underwhelming.