Expert opinion versus actual transaction evidence in the valuation of non-market amenities

► We investigate whether assessed values can be used instead of market values. ► We estimate a spatial SUR model with two hedonic equations. ► Properties located 725 m from a park are worth $450 less than those only 625 m away. ► Estimates of open space values differ for sales versus assessed property values. ► It is preferable to use actual rather than assessed values in hedonic price models.