First, remember that there is no state property tax in California. Property taxes are assessed by counties.
Next, I don't know where you get that 0.77% from. Most (if not all) counties in California tax at the maximum allowable rate under Proposition 13 which is 1% of the assessed value. When there is a sale, the new assessed value is the amount of the sale, and going forward, the assessed value may not be increased by more than 2% per year.
A land owner may request a reassessment if they think it will benefit them, but because of the Prop 13 restrictions, it would rarely be beneficial. About the only scenario is a severe loss in value within the year or two after purchase (such as the 2008 crash).
People may be surprised to learn that in California, despite its high cost of housing, high income tax, high car registration, high almost-everything, property tax is actually pretty cheap. My personal opinion is that this is actually part of the reason that the real estate market in California is expensive and volatile--the low tax rate makes it attractive to non-resident investors.
To Your Actual Question
Knowing what we now know about the Prop 13 limits on California property tax, how do you handle your situation?
When was the property purchased?
If you just bought it, and the seller did not disclose important information like being in a fault zone, you might need to hire a lawyer.
If you bought it 20 years ago as an investment and it just lost value because of the new building restriction, you might consider having it reassessed to a lower value. But remember from Prop 13 that it's probably already under-assessed and you are probably already under-paying property taxes by a great deal. Your annual tax bill will show your assessed value to help you decide.