Amends TCA Title 5; Title 7; Title 67, Chapter 4, Part 5 and Title 67, Chapter 4, Part 4.

This bill subjects the purchase of a freehold estate tract or parcel comprised of a single-family home by or on behalf of a real estate investment trust (REIT) to a high-volume recordation tax in accordance with this bill. Under this bill, for the privilege of recording more than one transfer of realty described above per calendar quarter within the same county, there will be levied a high-volume recordation tax of $5.00 per $100 that is based on the consideration for the transfer. The high-volume recordation tax will be levied only against realty described in this bill when the consideration for the transfer is for an amount that is less than or equal to the median sales price of such realty located in the county for the prior month. On the first business day of each month, the county register will calculate the median sales price of realty described in this bill for the prior month and post the price in a prominent place and on the register's website, if applicable. The high-volume recordation tax must be paid by the transferee of the interest in real estate, as shown on the instrument evidencing the transfer of the interest; and it must be collected by the register of the county in which the instrument is offered for recordation. The register will not record the transfer until the high-volume recordation tax has been paid. This tax will be in addition to any recordation tax imposed pursuant to present law. Revenues from the high-volume recordation tax must be kept in the county and used solely for affordable or workforce housing or for rental or housing assistance programs, except that the county register may retain 1 percent of the tax collected for administrative costs.