Yes — Increased Assessed Value Triggers Higher Taxes
When a property is developed or improved, the assessed value increases, which in turn raises the annual property tax liability. Assessors calculate the new value based on land improvements, building permits, and market conditions.

• Construction of buildings, infrastructure, or utilities typically leads to reassessment
  
• Assessed value shifts from raw land to improved property, raising the tax base
  
• Local tax rates are then applied to the new, higher valuation
  

Reassessment Occurs After Permit Issuance or Project Completion
Tax reassessment often takes place after construction begins or is completed, depending on the jurisdiction’s rules. Some areas assess based on partial improvements, while others reassess after certificate of occupancy is issued.

• Building permits are reported to the assessor’s office for tracking
  
• Annual or event-driven reassessment applies depending on the local system
  
• Properties may face interim adjustments during phased development
  

Ongoing Tax Increases May Result from Infrastructure and Bond Measures
In addition to valuation-based increases, taxes may also rise due to special assessments, infrastructure districts, or voter-approved bond measures triggered by new development.

• Development can lead to inclusion in Mello-Roos or community facilities districts (CFDs)
  
• New roads, utilities, or schools may result in impact-based tax overlays
  
• Annual increases are often capped by law (e.g., 2% annually) but reset upon development