LACONIA — During the first nine months of 2014 — from April 1 to Dec. 31 — the city issued building permits worth $24.5 million in construction value compared to $13.3 million in 2013 and $10.6 million in 2012.
The value of new construction added during the tax year, which runs from April 1 to the following March 31, is one of two factors applied to calculate the increase in the amount to be raised by property taxes according to the tax cap. The cap limits the annual increase in amount raised by property taxes to the rate of inflation, measured by the Consumer Price Index — Urban (CPIU), for the prior calendar year, plus an additional amount tied to the value of new construction, which is calculated by multiplying the value of building permits less the value of demolition permits issued between April 1 and March 31 by the prior year's property tax rate. Through November 2014 the annualized CPI was 1.7 percent.
Residential construction accounted for $20.4 million of the new value in 2014. Two projects represents more than half the total. The 24 condominium units at the North Lodge on Scenic Road, built by Southworth Development LLC accounted for $6.6 million and Rivers Edge, the apartment building on Union Avenue, built by the Laconia Area Community L:and Trust. accounted for another $5.2 million. The single largest commercial project was the conversion of the Evangelical Baptist Church to the Holy Grail restaurant at $1 million.
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