Pretty much. An assessor can write down any assessment they want. All assessed value taxes have this problem. The value I attribute to something can only be objectively defined by a market transaction. And more importantly, people attribute different values to the same thing.

This is simple to illustrate by example: Three people are willing to buy the same property at different maximum prices. Person A is willing to buy at $35k, person B at $30k, and person C at $25k. Any value an assessor writes down will necessarily be different than one of the three people. There is no dollar value intrinsic to the property itself.