Land with an assessed value of $500,000 for property tax purposes is acquired by a business for

Question:

Land with an assessed value of $500,000 for property tax purposes is acquired by a business for $600,000. Four years later, the plot of land has an assessed value of $750,000 and the business receives an offer of $975,000 for it. Should the monetary amount assigned to the land in the business records now be increased?