Well if you look at the web site where you can calculate your own property tax you will see that to some extent this already happens.
For example, if you take a 100 sqm property less than 4 years old in an area with a Τιμή ζώνης of €501 to €750, i.e. the band most of us probably live in, and no frontages onto a town road, the property tax increases from €343 for a basement apartment to €360.50 for a 6th floor or above. A house is a bit less at €357, the same as a 4th or 5th floor apartment.
If we now stick to the house case and increase the Τιμή ζώνης to over €5001, i.e. the top band, the property tax increases from €357 to €1,657.5. Thus living in an expensive area has a much bigger effect on the tax than the view, which is about all you gain from being higher up. Since I am pretty sure that living in an expensive area has a much bigger effect on the market value than a difference in view in the same area, the way the property tax varies does reflect differences in market value. It is probably not perfect but trying to assess the market value is not perfect, especially in Greece*.
Increasing the age of the property gradually reduces the property tax and I believe that also reflects how property values tend to fall with age in Greece in the absence of any inflationary effects.
Increasing the number of frontages onto a town road slightly increases the tax, for example from €357 with no frontages to €360.57 for one frontage and €364.14 for two or more frontages. Presumably a house with more frontages is regarded as slightly more valuable.
No property tax system is perfect. Greece's system does at least follow the general principle that higher value properties pay more tax even if it is not based directly on market value. Also the biggest effect, as everywhere, is location, location, location.
* It is very common in Greece for property simply to be passed on to a family member with no actual purchase taking place. Parents still normally transfer ownership of their property to their children before they die and, prior to changes in inheritance tax, it was almost universal. With only a relatively small percentage of properties changing hands through purchase, compared to what happens in other countries, assessing market value is more difficult. That is one of the reasons Greece tends to use an objective value based on the factors discussed above.