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The only type of renovation I could see causing a 12k increase was a teardown and rebuild of a bigger and nicer house. If that's the case, the buyer knew they were buying new construction on an existing lot and should know an assessor would be arriving.
I am sorry, I can see that this creates a hardship on you. I'd be upset!
$12k a year is really high - perhaps something is really wrong here? I mean, they DID know you had a house before they reassessed, right?
I would contact the county and try to challenge the re-assessment and/or explain to them that $1K a month creates a hardship on you; they may be willing to do some kind of phase in -especially if it suddenly means you can no longer afford your payment.