Yes, there are procedures for getting your taxes lowered to reflect the true market value of your real property.
We went through the 90's depression here in California. At that time we lost all of our equity when the housing market went into a tailspin. In addition to losing the equity, I was lost my job as an engineer involved in designing new housing developments. On the surface it looked like a total disaster! We applied to the county tax appraiser to have our taxes lowered, and he complied with our request.
Since then, things have gotten out hand in just the opposite direction. We cannot design and construct enough new home sites to keep up with the demand. That situation has resulted in the price of both new and resale homes to skyrocket. As an example, we just sold the home I mentioned above for a price which amounted to an increase in our initial down payment of 1,033%.
I retired last year. This summer, we plan to use one third of our new found money to construct another home on some acreage we were fortunate enough to acquire several years ago. The rest of the money we are going to put someplace safe where we can enjoy the interest and later pass it on to our children.
Semper Fi