The effects of poverty on important outcome measures are devastating and well documented, but the conceptualization and operationalization of socioeconomic status (SES) are underdeveloped. Various indicators of SES are useful for different purposes. Free or reduced-price lunch (FRL) status is commonly used because of its convenience and predictive strength, but it has many limitations. This study explored property value as a convenient alternative or complement to FRL status. The conceptual alignment of property value with SES was compared with that of traditional indicators like parent income, education, and occupation. Empirically, hierarchical linear modeling and regression analyses were conducted to evaluate the effects of property value on math achievement in comparison with and in conjunction with FRL status. Property value is strongly related to Math achievement, and it complements conceptual and methodological flaws of FRL status by providing nuance at the local level and encompassing aspects of human and social capital.