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As raw (undeveloped) land, the assessed/appraised value is likely minimal. As others have stated, most jurisdictions don't re-assess until a CoO is issued.
If, by some bizarre chance, your taxing authority decided to appraise or re-assess in the midst of your construction, they can hardly increase the value based on the presence of unfinished construction, as it in and of itself has no value. At least I can't see how they could, as it would be their responsibility to show that the property has (higher) value even though it is still "unimproved".
As for fighting this, since your tax bill won't be due for a while, I would look into the deadline for challenging an assessment and see if you have time to do it for this year's tax bill after you get a CoO. If so, the assessment may be moot.
Second, if you do decide to challenge the assessment, do your due diligence and find as many comps as you can, especially focusing things like square footage and lot size, as these are some of the primary benchmarks they'll use. There are others, but things like number of rooms, bathrooms, basement, total living space, etc., and the places to start.
Can a challenge fail and end up costing you more? Not that I'm aware of. The appraiser or assessor has already established value at this point, they can't turn around and suddenly jack up the assessment because you ended up showing your house is worth more. They work off of very clearly defined criteria, but they do make mistakes - especially if they're using a third party to do the data collection.
This happened to me once when a appraisal company the city hired to appraised homes totally botched the job. The only way you could challenge was if you allowed them into your home for the appraisal. We checked the box saying they could inspect the house, but they chose not to and just did a drive-by.
We ended up with an additional 400 square feet and a couple more rooms according to their appraisal. Of course our assessment was way over what it should have been, but when we challenged there was no dispute by the taxing authority.
I would add that we were #3 in the line of over 150 challenges, and by the time the assessor got to number 10 or 12 they shut the proceedings down and moved to fire the appraisal company and redo the assessment...
Properties are reassessed when title changes in many locations. Especially in FL where the seller probably had a very low assessment due to the SOH limitations.
Property is reassessed to market upon title change.
Also, the property may have been classified as empty lot with no improvements. When building stated, the classification may have changed to building lot with improvements.
About 20 years I complained to our city appraiser about my appraisal, he said to me "would you sell it for that"?
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