Taxable value of other real property
If you own other real property, it must be declared in your tax return with a taxable value.
Here you’ll find information about what you need to do if anything is missing or needs changing.
Other real property is a collective term for properties that do not fit any of the following property types:
- self-owned residential properties
- holiday homes
- plots of land
- farms
- additional properties
- commercial properties that have not been rented out
- rented out commercial properties
- multi-unit buildings
Taxable value
For other real property, the taxable value is set to 80 percent of either the cost price or market value.
If the property has a previously assessed taxable value, you can continue using this value. For example, you may continue using the previous owner’s taxable value.
This applies to you who
- own other real property.
What you need to do
If you find an error
- If the property is not entered or has been entered with the wrong taxable value, you can log in to your tax deduction card and correct it.
- If you’re not the owner, you can remove the property from your tax deduction card.
The changes you make to your tax deduction card only apply to the current income year and will not be pre-filled in your tax return.
If you own other real property at the end of the year, the property and the taxable value must be declared in your tax return.
You must also declare if the property is within or outside of income-generating activity. If the property is a fixed asset in income-generating activity, the property must be registered as “Other real property within income-generating activity”.
If information is missing
You must log in to your tax return and add information about other real property if this has not been pre-filled in your tax return.
If the taxable value is missing or too high
If the market value is too high, the taxable value and basis for wealth tax will also be too high.
You can log in to your tax return and enter information about the property’s market value. A valuation is not a requirement, but you must be able to explain how you arrived at the market value if we ask.
In the tax return, the taxable value is automatically calculated to 80 percent of the market value.
Specific information if you have
If the property is a fixed asset in income-generating activity, the property must be registered as “Other real property within income-generating activity”. You can then claim a valution discount for the property.
The valuation discount is granted automatically in your tax return. Read more about the valuation discount in connection with assessment of wealth.
If the property is no longer other real property but instead can be defined as a residential property, holiday home, plot of land, farm, additional property, commercial property or multi-unit building, you must log in to your tax return and change the property type.
If the construction of a commercial property, residential property or holiday property that you own has been started but not completed by the end of the year, special rules apply:
Change of ownership
Judicial registration gives legal protection to you as the owner. This means that no one can place an attachment on or sell your property without a legal basis. You are not obliged to register the property.
If you register a change of ownership with the Norwegian Mapping Authority, the Tax Administration will automatically receive information about registered ownership and can pre-fill the property in the correct owner’s tax return.
If you do not register the change of ownership
If you do not register the change of ownership, you must submit documents proving the ownership.
The proof must include the following information:
- which property you are referring to
- from which date the ownership applies
- the amount that was paid for that property, if any
- date and signature of all parties
You may submit the proof as soon as the sale or transfer has taken place. You can also log in to your tax return and change the ownership and add proof.