The proposed bill amends existing Arizona Revised Statutes related to real estate transfers by introducing a new real estate transfer tax specifically targeting transfers of residential real property to institutional investors. This tax is set at a rate of 100% of the property's value and is in addition to the existing real estate transfer fee. The bill also establishes that the county recorder will collect this tax at the same time as the real estate transfer fee and will transfer the collected funds to the state treasurer for deposit in the housing trust fund.

Additionally, the bill clarifies that the real estate transfer fee and the new transfer tax do not apply to certain instruments and transfers of title. It also defines "institutional investor" based on asset value criteria. The housing trust fund will now include revenues from the new real estate transfer tax, which will be used for housing opportunities and affordability programs, particularly in rural areas. Overall, the bill enhances the financial resources available for housing initiatives while imposing a significant tax on institutional investors acquiring residential properties.

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