Re-Evaluation vs Refinancing a home

[Jason Bee]

Hi BP Community,

I purchased a SFH a little over a year ago and have been watching my neighborhood and home values go up in the area. I bought the SF for a discounted rate and know there is probably 20%+ of equity in it already. I know everyone talks about refinancing their home to pull out their equity and buy their second home, but has anyone ever done a re-evaluation with their mortgage co? Also, do your taxes go up after the evaluation is completed? I figured if the house gets re-evaluated, I can drop the pmi, pay a lower monthly mortgage and save the extra cash for investing but also later on refinance it, and use both my equity and money I've saved to purchase my next property. Any help would be much appreciated, thank you.