Property Valued at 70% Higher Compared to Purchase Price,

[Janel Lawani]

I am looking to get my first house in Houston which is a great deal going and lines up for my qualifications. The only thing is, the property is valued 40% higher compared to the purchase price with the Harris county appraisal district. It basically doubled since 2018/2019 with HCAD. So since the taxes way are at that higher value my lender is saying the taxes would disqualify this house for me.

Is there any way I could bypass this higher value? Is it possible to get the taxes down to purchase price? Could I protest it beforehand? What options are there?

This would be a FHA loan currently with 3.5% but I could go possibly go higher to about 12% down. I do have some debts I could pay off instead of bringing the down payment higher too.

Also I like this house because in 6 months or so I am looking to do a cash out refinance to take advantage of this equity.