Always protest your taxes!!

Find a current comp that is similar to you.

Yes, since you just purchased the house last year, it should be that easy. Don't be surprised if HCAD tries to **** you and put some sort of time adjustment factor on your sales price to still make your market value higher than what you actually paid. As aggiedata said, try to find a comp or 3 to have in your back pocket to show that the price you paid is still appropriate (assuming you can). Hopefully you don't need them, but when dealing with the bastages at HCAD, it's always better to have more information than you think you'll need.