§ 8-8.07. Methodology for calculating building permit valuations.

For purposes of determining building permit valuations for construction, the Building Official shall use the following procedure:

(a)

The Building Official shall establish the building permit valuation rate on or before the beginning of each new City fiscal year. Each rate will be effective until a new rate has been set.

(b)

The valuation rate utilized will be derived from the most current data available at the time the rate is being updated.

(c)

The valuation rate will be rounded to the nearest fifty-cent increment.

(d)

The regional modifier will be used in calculating the valuation rate.

(e)

The rate will apply to all construction, including single- and multifamily new and addition projects.

(f)

The entire valuation will be utilized in calculating the building permit fees for each project.

(g)

For alteration, remodeling or repair of residential construction projects, the established fee schedule or construction bid cost, whichever is higher, will be used.

(§ 1 (Exh. A), Ord. No. 1262, eff. January 5, 2017)