This article is from the Tolkien FAQ, by William D.B. Loos loos@hudce.harvard.edu with numerous contributions by others.
Only slightly. Tolkien described Bilbo thusly for purposes of
illustration in a letter to Houghton Mifflin (c. 1938):
I picture a fairly human figure, not a kind of 'fairy' rabbit as
some of my British reviewers seem to fancy: fattish in the stomach,
shortish in the leg. A round, jovial face; ears only slightly
pointed and 'elvish'; hair short and curling (brown). The feet
from the ankles down, covered with brown hairy fur. Clothing: green
velvet breeches; red or yellow waistcoat; brown or green jacket;
gold (or brass) buttons; a dark green hood and cloak (belonging to
a dwarf).
Letters, 35 (#27)
The Annotated Hobbit cites this letter and includes a reasonable
illustration based upon it. [Note that Tolkien's use of the word
"elvish" here refers to the elfs of popular folklore, who were often
pictured with pointed ears. The Elves of Middle-earth (except for
the Silvan Elves in The Hobbit) were at the time of this letter known
to only a few people.]
Annotated Hobbit, 10 (Ch I, note 2).
Contributor: WDBL
 
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