Using a hedonic fixed effects model, this paper analyzes the rate of property capitalization due to the test scores of elementary schools, and the distance of elementary schools to the property, for Lake Oswego, Oregon through the fixed effect of school attendance boundaries. This paper also explores the use of the taxcode and the neighborhood association as fixed effects variables for the capitalization of test scores on property. The result of the regressions were a test score capitalization rate of 2.4% for test scores for a boundary fixed effect, which increases to 4% when the distance variable is included in the regression. Changing the fixed effect variables resulted in a test score capitalization of 1.5% for taxcodes, and 0.9% for neighborhood associations. These results show that the test score capitalization rate changes as the variables of the regression also changes.