How does Proposition 2½ affect my individual tax bill?

The levy limit provisions of Proposition 2½ affect the total amount of taxes to be raised by the town. It does not apply to an individual tax bill.

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1. What is Proposition 2½?
2. Does Proposition 2½ mean that my taxes cannot increase more than 2½% per year?
3. How does Proposition 2½ limit property taxes?
4. How does Proposition 2½ affect my individual tax bill?
5. What is the Classification Amendment and how does it work with Proposition 2½?
6. Does Proposition 2½ allow increases in the tax levy?
7. What are the relationship of property values and the tax rate?