RUTHERFORD COUNTY - Hear the entire 2-minute breakdown of this story here... Or, read the story with the soundbites below.
The Full Story - Reports indicate about 10% of the single family homes in Rutherford County are now owned by out of state corporations... That was Rutherford County Mayor Joe Carr.
The mayor said at some point, he believes there was a conscious decision to charge these corporations the residential tax rate, as opposed to a commercial tax rate - which is what a commercial apartment complex would be charged on their income producing property... A REIT, or a Real Estate Investment Trust, is often formed by a publicly traded company that buys thousands of properties across the country to turn into rental units for investment purposes. The homes are also an investment that can be sold years later for a secondary profit that is second to the monthly rental profit.
REIT's are properties owned for investment purposes to generate income for its investors.
