Generally residential property is assessed based on sales of similar residential properties. However, the property owned by the club (the golf course, pro shop, restaurant, and other facilities) is probably being assessed based on either a cost approach or income approach. The cost approach adds the depreciated value of the improvements to the land value. The income approach determines value based on the anticipated revenue generated by the subject club and other similar clubs. If other clubs in the area are not seeing a decrease in revenues, it is conceivable that the value of the club willl not decrease as much as the value of the homes in the subdivision.