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A major national bank's real estate value was increased 200% in a re-valuation year. Due to security concerns of the bank, touring the property was not possible until after the litigation deadline had passed. The tour revealed that the property suffered from extensive deferred maintenance, and upon presenting documentation to the appraisal district, over $17 million of value was removed from the property, with a corresponding tax reduction of $403,000. The lawsuit was dropped. |