Canceling PMI After the first year?

[Ricardo S.]

We own a house which we bought last December 2013 for $355,000 in Brooklyn New York. We put $50,000 for the down payment so the amount we owe is $305,000. We have PMI on your loan. our payment is about $2050 a month. $1500 of that is principal an interest.

But when we originally purchased the home the appraisal came in at $370,000 and as of this month the state values our property at $390,000 (based on property tax assessment paper)  

Its about to be a year now can we have the PMI removed based on the appraisal LTV of the house at the time when it was purchased instead of the actual cost? or even based on the property tax assessment?

In other words can we get the mortgage company to remove the PMI based on appreciation?

All payments are current.