Right, but if you have a county-wide increase in property value of 10%. Good school districts might see a 20% increase while bad school districts see no appreciation.

Also, there's first time homebuyers and deaths or people leaving the country/country to consider. People enter and exit the market all the time, it's not a perfect 1:1 swap all the time.

I think it's a valid point that county/state/national economic growth is rarely uniform.