Annually your mortgage company will pay your taxes on your behalf. If your property insurance is included in your "escrow account" or closing costs, this will be paid by them as well.
You receive statements from your taxing authorities so you will stay informed of their current valuation of your property. Property increase is good for resale valuation but that doesn't guarantee you'll get that amount, it's just a good rule-of-thumb. They try to go by similar property sales in your area "comps or comparables" but keep in mind, your interior isn't part of that number. If you have upgrades or updates you'll receive a better price. However, the bottom line is... your home is worth what a Buyer will pay & you'll accept at that time of the sale.
Keep in mind too: higher the evaluation = higher taxes you'll pay. Due to this reason alone, even if my evaluation goes down I usually let that slide because it saves me money now. What I get for my house when it sells is not determined by your tax evaulation. Only if there is a significant jump in price would I dispute the Taxing Authority.
Yearly you should also receive an accounting of your escrow account from your mortgage company. This statement will reflect everything paid by them on your behalf for the year: taxes, insurance & possibly PMI if you own less than 20% of your home. Believe it or not, PMI is default insurance for your mortgage investor. Once you own 20% equity you're exempt.
May 25, 2012