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A property's taxable value is the market value multiplied by the tax (or assessment) rate. For residential property, the tax rate is 1.35% and for commercial property, the tax rate is 1.89%.

Generally speaking, a trust indenture is a lien against the property with the buyer being the legal owner. In a contract for deed, a contact is executed between a seller and a buyer whereby a seller agrees to transfer title to the property once the amount set forth in the contract has been paid in full.

A Montana general warranty deed is used to legally convey real estate in Montana from one person to another. Warranty deeds are the seller's guarantee that the property is free and clear of any title defects and that he or she has the legal authority to sell the property.

The grantor must sign a quitclaim deed and acknowledge it before a notary public. The grantor then records the deed with the Clerk and Recorder in the county where the real property is located. Recording a quitclaim deed provides notice to all subsequent mortgagees and purchasers there is a new owner of the property.

At the state level, you file a Montana tax return to report your taxable gain. Your taxes will depend on the applicable income-based tax bracket. Your state tax rate may range between 1% to 6.9%. While you must report your homeselling profits on your federal tax returns, you may not have to pay taxes on your earnings.

Confidential Tax Document. WHO MUST FILE ? Any party transferring real property regardless of whether the transfer is or is not evidenced by deed or instrument or any party presenting an instrument or deed evidencing a transfer of real estate for recording.