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One downtown Missoula property’s assessed value increased from $717,000 two years ago to $1.148 million on his appraisal notice sent out last week by the Montana Department of Revenue.

Another’s more than doubled in two years, from $467,000 to $966,000. A third property owner saw his appraised value skyrocket from $806,500 to $1.2 million.

“It’s definitely overwhelming,” said Geoff Sutton, who owns a building in the 100 block of West Broadway. “I haven’t had the time to process what it all means, but it definitely means there will be a whole new paradigm. I may end up having to sell. I don’t know what I’m going to do, and it’s a little frightening.”

Residential property owners outside the downtown core also report seeing an increase in their values, with one appraisal notice shared with the Missoulian showing the $247,500 home’s value rise in two years by $45,800.

Sanjay Talwani, a spokesperson for the Montana Department of Revenue, said the increase in property values for individual parcels is due to the fact that comparable homes are selling for more than they did during the previous assessment period. That’s known as the market value appraisal method.