When I first open your file, I see what your are saying, the non-overriden wall's tag displays the override value. If I make the formula property visible in the Properties Palette, it displays the wrong value there, too.
If I change the override to Yes, then back to No, it finally displays correctly. Once that is done, it always displayed correctly for me, in my limited testing, even after saving and reopening.
I was eventually able to reproduce your problem, by adding a new wall with the WallAdd command, and then either adding a tag with Add Selected or manually attaching the object-based Property Set Definition through the Properties Palette.
My theory is that because you applied a Property Data Format (PDF) to change True to Yes and False to No, when first applied, the PDF is not being properly applied, and no matter whether Override is set to Yes or No, it is evaluated as True or False, neither of which match "No", so the override values are applied. I changed the PDF to Standard, the formulas to test for "False" and also changed the PDF to Standard in the sample values area in the formula editing dialog [a necessary step, as in 2007, you can override the PDF set on a property for the purposes of the formula]. Using the "native" True and False values, I had no problems (see attached file). I also turned on the visibility of some of your formula properties, so I could see how those were evaluating, to make certain that the tag was displaying the proper values. I understand why you would want to have them off for actual use, but for debugging, I turned them on and was too lazy to turn them back off. 😉
In my work to date, I have not tried to have one override property affect multiple properties, so I have not used True/False manual properties much. It took me a while to figure out just what you were doing with all those properties, but allow me to tip my hat - that is a clever way to have a tag add boxes when there are values but omit them when the values are empty. If you really need Yes/No, rather than True/False, you might consider making them a List type manual property, with the assigned list only offering "No" and "Yes" as options, and not allowing the user to override the list values. Then you could test for "No" and be assured that it would be read properly. I added such a property - Override2 - to the attached file, but laziness kicked in again and I did not actually incorporate it into the formulas. As they used to say in math books, completing the exercisse is left for you. 😉
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David Koch
Autodesk Discussion Group Facilitator
Using ADT 2004 at work; access to 2005, 2006 & 2007 at home