I read "can the city take our property" by Carol and David Shelp. I'll answer your question but first, what makes you think that you own your property? True, you were allowed to go into debt for hundreds of thousands of dollars to "buy" it, however you pay the city "rent" (taxes on it annually). You pay for permission (permits) to do anything to it, then you pay the city to inspect your improvements and place a value on it to which they then raise your rent (taxes). So it's true you were allowed to purchase your property, but you merely entered into an agreement to rent it forever from the city.
To answer your question, think of the city as a self-centered, selfish landlord. They couldn't care less about you (except once a year when it's time to pay your rent) so yes they can and will take your property if they choose. And yes, they will pay you the price they decide it's worth.