Section 27-119. Alteration cost: building value

For the purpose of applying
  the foregoing provisions of this article, the cost of making alterations
  shall be determined by adding the estimated cost of making the  proposed
  alterations   computed   as   of  the  time  of  submitting  the  permit
  application, to the actual cost of any and all alterations made  in  the
  preceding  twelve-month  period;  and the value of the building shall be
  determined at the option of the  applicant  on  the  basis  of  one  and
  one-quarter  times  the  current  assessed valuation of the building, as
  adjusted by the current state equalization rate, or on the basis of  the
  current  replacement  cost  of  the building, provided that satisfactory
  evidence of current replacement cost is submitted to the commissioner.