The first thing you may want to do is get an evaluation of what your home's current "market value" is. You can do that by checking your city records- which may mean going into your city/village hall and asking to view sales of homes in your area in the last year. Some municipalities have this information on-line.
Or you could ask a Realtor to do a market evaluation for you and provide you with the data that you could take to your local Assessor to "contest" your tax assessment.
Most municipalities will not want to lose "revenue" so unless you ask to have your assessment reviewed, they probably won't voluntarily do so. It's at least worth a try.
All the Best to you!