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County to reduce property values by $1.8 billion
Bexar County's controversial property appraisal process is nearly finished for 1992, and the county received fewer appraisal protests and lawsuits this year than last year, according to Bexar Appraisal District Chief Appraiser Walter Stoneham.
The district expects to drop values on protested property appraisals about $1.8 billion, for a loss of about 16.5 percent, Stoneham says. The total appraised value of the protested properties was a little more than $10 billion.
The Bexar Appraisal District has come under fire recently for being too quick to settle lawsuits against it, especially suits filed by owners of high-end commercial properties. From 1987 to 1990, 138 property owners who sued the district reportedly got $1 million or more removed from their property values. Thirty-three property owners got reductions of $5 …