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Refinancing and "home value"

We are in the process of taking advantage of the current interest rates and refinancing our home (purchased 1 year ago), and the lender has inflated our home value (presumably in order to get us a lower rate) and has also waived the appraisal entirely. Is this a "normal" lender practice or a huge red flag? Additionally, will this in any way affect our property taxes? We live in Maryland, and our assessment for 2020 has already occurred. Thank you for your assistance!

Edit: IMO, it is not an insignificant inflation (~8%), although 8% of my home value may seem like a lot to me and not a lot to a bank.

submitted by /u/butter_flies_1989
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source https://www.reddit.com/r/RealEstate/comments/g9y3m9/refinancing_and_home_value/
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