When will property taxes reset? Appraisal and equity questions.?

Bought a home in August. Taxes were very high as they were based upon old appraisal value and were non homestead. When will they reset to homestead rate? Also, the appraisal at closing was much lower than the local governments valuation of the property. Can I get that adjusted? Lastly, local township says home value is $200k. I bought at $145 and house was appraised at $154. What figure is used to determine equity?