La Rosa Realty
The property appraiser's office determines the "market value". Once a property changes hands the "assessed value" may increase to the "market value". Also I've noticed the property appraiser's office has increased values for 2013 over 2012 on most properties.
If the previous owner of your property had a Homestead exemption or other senior or disabled veteran exemption then you may see your property tax increase substantially.
If you owned and occupied the property as your primary residence as of January 1st then you can apply for a Homestead exemption and get about a $700 discount. Investment properties cannot get this discount. The deadline to file has passed but you may be able to go into the office and ask for an exception so you can get the $700 savings.
Also the price you purchased the property for may be less than the Property Appraiser's office may give as a market value. There is a valuation dispute process but just be careful because they can also raise your market value on you! I had an investment property I bought at a bargain price and was shocked to see the appraiser's office had a much higher value. Normally the appraiser's office runs at about 80% of market value.
Hope this helps and congratulations at being successful at actually buying a house in this crazy Seller's market!
All the best,
Alma Rose Kee, PA