Basically, the GeneralNote.FittedTextHeight property gives the height of text within a note. It does not necessarily represent the current height of the note. If Fitted property is true, these heights should be the same.
' get the document
Dim oDoc As DrawingDocument = m_inventorApplication.ActiveDocument
Dim sNote As String = _
"<StyleOverride Font='Arial' FontSize='0.5' Bold='True'>"+_
"Sample note" + _
"</StyleOverride>"
' create a note
Dim oDrawingNote As GeneralNote
oDrawingNote = oDoc.ActiveSheet.DrawingNotes. _
GeneralNotes.AddFitted( _
m_inventorApplication.TransientGeometry. _
CreatePoint2d(10.0#, 10.0#), sNote)
' now get the height
Dim textHeight As Double = oDrawingNote.FittedTextHeight