Kind of but no. Property valuations by county assessors are nothing more than an arbitrary number (an index if you will) for purpose of calculating taxes relative to other properties in the taxed jurisdiction. Tax Assessor valuations are not at all the same thing as market value for selling or buying purposes in the market nor for valuations for insurance purposes. A property value appraisal by an appraiser is a market valuation, not to be confused with a tax assessor’s valuation.
Example: if tax assessor places a value on my property with an arbitrary number of 200,000 it only means my property is similarly valued, for tax purposes, to other comparably valued/ assessed properties in my area. Then the taxing authority will multiply all similar properties by a number indicated by a levy multiplier. For this example the multiplier might be .01 for a tax of 2,000 on the 200,000 assessed value. If the levy can’t be increased via ballot vote, the county comm reps, wanting more money for whatever purpose, simply walk over to the assessors’s office and have the assessor increase the assessed values to satisfy the counties desire for more money. All the assessor has to do is change his/hers arbitrary comp properties’ values used for reassessment of any property, to increase the taxation on the subject properties. Then simply value all comps in the area to 300,000, thus the taxation to 3,000. All without having to go through a ballot vote for a mill levy increase and the levy multiplier stays at .01. This also gives them political cover so they can claim they didn’t increase the levy multiplier. A classic CYA ploy.
Politicians and bureaucrats, with power, develop insatiable appetites for more and more money. They will find a way and the hunger will be satisfied. And it does not matter if they run under a D or R banner. Many do do simply to get elected then become Uparty once in office.