Land with an assessed value of $300,000 for property tax purposes is acquired by a business for

Question:

Land with an assessed value of $300,000 for property tax purposes is acquired by a business for $500,000. Seven years later, the plot of land has an assessed value of $900,000 and the business receives an offer of $1,200,000 for it. Should the monetary amount assigned to the land in the business record snow be increased?