AZ HB2683

Establishes a real estate transfer tax on transfers of residential property (class 3 or 4) to institutional investors, defined as entities or persons with aggregate assets exceeding $25,000,000.

Sets the tax rate at 100 percent of the property's value, collected by county recorders at the time of deed recording.

Directs all revenue from the new transfer tax to the state housing trust fund for low and moderate income housing projects and programs.

Exempts certain transfers from the tax including family transfers, court-ordered conveyances, consolidations or splits of parcels, and transfers between commonly controlled entities.

Requires a two-thirds affirmative vote of both legislative chambers for enactment, effective immediately upon the governor's signature.