By Shelly Baskin/The Paducah Sun
Paducah, KY – Tangible property values in Paducah and McCracken County fell by more than $125 million in 2010. Tangible property is anything movable, like furniture, machinery or equipment. McCracken County Judge-Executive Van Newberry tells The Paducah Sun the drop is likely due to the economic recession. Kentucky Department of Revenue policy advisor Tom Crawford says lower property values causes tax rates to fall. This leads to lower city and county revenues. Crawford says drops in tangible property assessments are a statewide trend.