Appraisal to Gain Equity?

[Nate LaBlance]

This may be a dumb question, but here it goes...

I purchased a duplex last August (2021) for 325K that I'm currently house hacking. With plans to eventually rent out both sides and hold the property. I used an FHA loan, so I am paying PMI. I'm wondering, if I had an appraisal done this August (2022) and the property is valued higher than what I purchased it for, would that bump up my equity in the property or would that require me to refinance for the new value before the change in equity would take effect?

My thought process was that getting an appraisal and aquiring more equity, getting me to that 20% mark and elimate my PMI. Or am I wasting money on another appraisal at this point?

Any advice or past experiences is much appreciated!