Why did my land value increase so much?

Since the last Revaluation, Real Estate Values have changed significantly. Over the same period, building construction costs have increased at a much slower rate. Since building costs have not increased as much as total values, the bulk of the total increase is attributable to land. This makes perfect economic sense, as it is land that is in limited supply.

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1. What is a Revaluation?
2. Why is a Revaluation needed?
3. What happens during a Revaluation?
4. What is an informal hearing?
5. If I disagree with my assessment after a hearing, what are my options?
6. What is market value and who determines my property value?
7. What qualifications do the appraisers have?
8. Why did my land value increase so much?
9. Will a Revaluation increase taxes?