When a market analysis is completed of homes in the neighborhood, ALL of the homes in the neighborhood are equally influenced by the same community attributes. The only exception will be those adjacent to the subject of concern. To repeat, this effect of the presence of a cemetery has already been factored into the values reflected in local sales.
Now, to more accurately address your question, compare communities of equivalent homes that are missing the cemetery. You will find it a interesting exercise, but very unlikely to reveal a 'adjustment factor' that is meaningful.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL