What is the 101% lid law?

The regular property tax levy of a taxing district is limited to 101% of the highest levy since 1985, plus amounts attributable to new construction within the boundaries of the district or annexations to the district. This limitation was reduced from the 106% limitation with the I-747 initiative in 2001.

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1. How is property valued?
2. What is market value?
3. How often does the county appraise my property?
4. How do I appeal the assessed value?
5. Do I have to let the county appraiser come into my house or onto my property?
6. If the house next door sells to an out-of-state buyer for much more than it is worth, will it affect my taxes?
7. Why do property taxes vary throughout the county?
8. What is the 101% lid law?
9. What is the personal property tax?