Is this what REAL LIFE is supposed to feel like? If so...I prefer fantasyland

Hardy and I purchased our first home July 23, 2009 in the lovely city of Flowery Branch.  A new construction townhome - 3 bedroom, 2.5 bath with 1 car garage for the great price, $114,900 - couldn't pass up such a good deal. 

I knew and expected the property taxes to increase in 2010 once an actual dwelling was on the lot but did not expect THIS:  In April 2010 we received the Hall County tax assessment - - claiming the property was a whopping $152,741.  Our home was officially appraised at closing for $115k.  At first I didn't know what to do with this assessment - - of course I disagreed that the house was WORTH that much since we didn't even pay that much for it and the appraisal wasn't for that much.  At any rate, I put it away in my 'house drawer'.

This week we were on our patio reading and our neighbor came to talk for a little bit, he mentioned he had appealed his assessment because they had over-assessed his unit (would make sense since our townhomes are all in the same 4 house dwelling), he said they had not contacted him yet on the re-evaluation of the assessment.  This got me thinking....so I decided I would find the paperwork again and appeal ours as well.  To my dismay, the deadline for appeals was May 21, 2010.  I thought I would call just to see if I had any other options and was told I didn't....the DEADLINE is nice and bold on the letters and if you do not appeal before then you lose your chance to appeal.

So starting July 23, 2010 our mortgage payment is going to increase to allow Escrow the cushion of a home assessed at $152,741.  I AM OUTRAGED!!  I guess I might look into bankrupcty now...::sigh::  I thought the worst was over but it appears it's only just begun.