The proposed bill introduces amendments to the Arizona Revised Statutes relating to real estate transfers. It establishes a new real estate transfer tax specifically targeting transfers of title to residential real property to institutional investors, defined as entities or persons with assets exceeding $25 million. This tax is set at a rate of 100% of the property's value and is in addition to existing recording fees and real estate transfer fees. The collected tax is to be deposited in the state's housing trust fund.

The bill also modifies the existing real estate transfer fee, changing the fee amount from a fixed two dollars to an unspecified amount, and requires the county recorder to collect this fee before recording deeds or contracts related to real estate sales or transfers. Additionally, it mandates that the county recorder transfer the collected real estate transfer tax to the state treasurer for deposit into the housing trust fund. The bill includes provisions for exemptions, enforcement, and administration related to the new tax and the existing fee.

Statutes affected:
Introduced Version: 11-1132, 11-1132.01, 11-1134, 11-1136, 11-1137, 41-3955, 11-475, 42-12003, 42-12004, 12-1103