In terms of pure performance, it depends on what the property does. If the MyProp tag simply returns a private field, the overhead is completely irrelevant. In fact, if you are clearly not doing something meaningful, like a huge census or a call to a database, this has nothing to do. The concern about this is micro-micro optimization.
It is important to note the purpose of the properties, although this means forcing access to the value using an encapsulated procedure to ensure consistency. If you try to get around this, you put your code at a greater risk of errors.
From the comments of @DavidAndres:
By convention, properties usually should not do anything significant in a getter or setter. Therefore, I would say that it does not matter if you just check through the reflector or the documentation or look at your own code that the property is behaving well. Handling situations where the value clearly needs to be localized should be the edge after it has been verified that it is necessary.
Change To be clear, I do not recommend that you avoid local values at all for any reason. As @Guffa notes, the impact is trivial anyway. I point out that properties are usually properties for some reason, and access to the value should go through the default property.
Rex m source share