I have a friend that used to own a used car lot in Iowa City, on the corner of a good intersection. Real good location.
The city decided a used car lot was not highbrow enough, they wanted that area to be more upscale. So they raised their assessment and his taxes by 3x. Essentially made it impossible to cover that and make any money. The assessment was something like 5x higher than comparables next to and across from him. He appealed it, brought a bunch of appraisals from realtors, etc - did his homework. Got denied anyway, basically they said they thought their appraisal was more better. But thanks anyway.
He could have taken it to court, maybe, but that would have cost a fortune and probably taken years. He closed the business and sold the location for what it was actually worth, not the city assessed value.
Short story- the government can take from you anything you have, if they want to.