Property appraisal protest

I bought my house last year & received a healthy increase on the property values. Did a quick check in my neighborhood & it was 17% higher (per square feet) than everyone.

I got my informal hearing today & the appraiser didn't budge. He said since I just bought the house, they have to go with the "market value". I asked why am I being taxed more than my neighbors but he didn't really have the answer.

I requested a formal hearing so we'll see how that goes. Anybody ran into the same problem & what us the result? Seemed unfair that they would punish new owners over existing owner.