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For me its not about the value of the specific property, its about the value and principle of property rights. That's doesn't mean I think you should have absolute right to kill someone if they are taking your property, there should be an escalation that ends at but does not begin with lethal force. Something like verbal warning->warning shot->lethal force. It doesn't have to be exactly that but there should be some attempt made to diffuse the situation without resorting to lethal force immediately. But if they persist I think you should be allowed to use lethal force. In the case of Tony Martin he should've warned them, perhaps fired a warning shot(though I understand not wanting to do that in your own home), and if they persisted after that I think he should be within his rights to use lethal force though something tells me they would've bailed after he warned them and showed them he was armed.
One has implications for the other, because property rights don't exist in a vacuum. They exist in a context where there are other rights, and thus when the various rights come into conflict you have to decide which take precedence over the other. This is a valuation. A valuation can be done in kind, or through some medium, but deciding ''this over that'' is a statement of value, inherently.
The chain of lethal force that you described is morally valid, IMO, but it still hinges on the defence of yourself, not the property. You are entitled to the defence of the property, and they escalate to a situation which requires the use of deadly force. But take for example someone who steals an item from you, and is fleeing, you can't just escalate while looking at their fleeing backs, all like ''hey stop. Final warning, stop or I'll shoot.'' and then you shoot. That's murder.