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Can government truly accurately access the value of property that's not on the market to be sold?

They sure as hell believe they can - some people/developers moved into my neighborhood, bought some small lots, tore down the houses, built some huge two and even a three-story homes on these lots, and then began lobbying the city to place restrictions on future development (i.e. no more large homes like their's - no more people buying and then combining multiple lots). These jerks basically moved in, built the biggest homes in the area, and then lobbied to make sure that they will always have the largest/most expensive homes (and some have already sold, within months of them being built).

The rest of us in the area see our views go out the window, and see our property taxes rise substantially over several years, and this is regardless of the fact that none of us have any desire to move (it's a great/old neighborhood, hence the reason why the jerks wanted to move in, build up, and then sell).

Unfortunately our city is in love with these developers who go around driving values up in older neighborhoods (they are even starting to hit some of the poorer parts of town), and what city wouldn't be - if somebody can tear down two houses on two lots worth a combined $150,000, and build a $300,000 home, not only will they get more tax money from that new single lot, but they will get more from surrounding lots going up in value.

It's so criminal, what is being done to property owners. Owning your own home does not appear to be something that will be attainable for younger couples anymore, unless they are willing to commute an hour or more.