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Taxable value of commercial properties
If you own a commercial property at the end of the income year, it must be listed with a taxable value in your tax return.
Here you’ll find information about rented and non-rented commercial properties, and what you must do if something’s missing or needs to be changed.
Commercial properties could be, for example, offices, shops, storage facilities, and factories. Undeveloped land used for business activities can also be a commercial property.
You can own a commercial property without carrying out business activity. When assessing the taxable value, we use the building type listed for the property in the cadastre as the basis.
Residential properties, agricultural properties, forests, and power plants are not considered commercial properties. This applies even if the rental activity is so extensive that it’s considered commercial activity in itself, or is part of your business activity as the owner of the property. If the property is used both as residential property and for commercial activity, special rules apply.
As a general rule, holiday properties should not be considered commercial property. However, if the rental activity is extensive or is part of another activity, the holiday property must be considered a commercial property.
Taxable value
For private individuals, sole proprietorships, cooperative enterprises, and similar entities, the taxable value of the commercial property is 80 percent of the calculated rental value.
This applies regardless of whether the property is rented out or not.
Limited liability companies and other enterprises that do not pay net wealth tax will not receive a valuation discount, and must report 100 percent of the calculated rental value.
You can calculate the rental value for a non-rented commercial property by using our calculator.
This applies to you if you:
- own commercial property that’s rented out
- own non-rented commercial property
- half or more of the property was rented out as at 31 December of the income year, or
- half or more of the property was rented out earlier in the income year, and the owner did not use it themselves before 31 December, or
- half or more of the property was rented out in previous years, but not in the income year, and the owner did not use it themselves in the income year (the property was not in use)
- less than half of the property is rented out, or
- the property was rented out earlier in the income year, but the owner started using it themselves before the end of the year, or
- the property is not rented out as at 31 December in the income year
How the taxable value is calculated
For private individuals, sole proprietorships, cooperative enterprises, and similar entities, the taxable value of the commercial property is 80 percent of the calculated rental value.
This applies regardless of whether the property is rented out or not.
Limited liability companies and other enterprises that do not pay net wealth tax will not receive a valuation discount and must report 100 percent of the calculated rental value.
You can calculate the rental value for non-rented commercial property by using our calculator.
What you need to do
Check whether your commercial property is included in your tax return, and that the information about it is correct.
If the information about the commercial property is not shown or is incorrect, you must log in to the tax return and change this or enter the correct information before you submit the tax return.
You’ll receive guidance in the tax return.
How the rental value is calculated for:
The calculated rental value is determined as the average of the combined gross rental income for the income year and the two previous income years. You’ll get deductions for ownership costs. The deduction rate is 10 percent of the average of the combined gross rental income.
Commercial properties that have been rented out for less than three years
If the property has been rented out for less than three years, you must use the gross rental income for the income year to calculate the rental value. You’ll get deductions for ownership costs. The deduction rate is 10 percent of the average of the gross rental income.
The calculation of the rental value happens automatically in your tax return once you enter the rental income.
When the property is not rented out, a rental value must be calculated.
The calculation of the rental value happens automatically in your tax return once you enter the necessary information about the commercial property.
You can also calculate the rental value for a non-rented commercial property by using our calculator.
The calculation happens by multiplying the area by the rent per square metre and the factor 0.9. To arrive at the calculated rental value, the result is divided by the calculation factor. The rent per square metre and the calculation factor are decided annually by the Tax Administration.
The calculated rent per square metre x the property’s area x factor 0.9 / calculation factor = Calculated rental value
The calculation factor
For the 2024 income year, the calculation factor is:
- 0.086 for commercial properties in Oslo, Bergen, Trondheim, and Stavanger.
- 0.096 for commercial property in other municipalities and commercial property abroad that’s rented out.
If the calculated rental value is too high
This applies to both rented and non-rented commercial properties.
If the calculated rental value of the commercial property exceeds the proven market value, you can request to use the proven market value.
Private individuals, sole proprietorships, cooperative enterprises, and similar entities, are entitled to a valuation discount where the taxable value is set at 80 percent of the proven market value.
Limited liability companies and other enterprises that do not pay net wealth tax are not entitled to a valuation discount on commercial properties.
The proven market value applies to the year in which you request the reduction in the tax return.
For the following five years, you can claim a reduction in taxable value with the same percentage-based reduction as was calculated the year in which you proved the market value. The percentage reduction is calculated based on the difference between the calculated market value and the proven market value.
After this five-year period, the rental value is calculated according to ordinary rules. If you believe that the calculated market value is too high, you must again prove the market value and request that the commercial property is valued according to a proven market value.
When valuing commercial properties based on the property’s documented market value, the supporting documents must:
- be from the first income year for which it is to apply, at the earliest,
- be completed no later than when the reduction is requested, and must be available upon request,
- be prepared by an independent party,
- be prepared by someone with relevant professional expertise to carry out valuations of commercial properties, such as a valuer or commercial real estate agent, and
- include an account of the assessment of the property’s market value and the conditions on which it is based
The property’s sales price in the income year the reduction is claimed will also be considered the documented market value, provided that the sale is a free sale between independent parties.
Examples
Changing the taxable value for the 2023 and 2024 income years
A commercial property has a calculated rental value of NOK 16,000,000 in 2023. According to the main rule, the taxable value is set at 80 percent of the calculated rental value, which amounts to NOK 12,800,000.
You prove the property’s market value at NOK 14,400,000, thus the taxable value for 2023 will be NOK 11,520,000 (NOK 14,400,000 x 80 percent=11,520,000).
The difference between the calculated rental value and the proven market value is NOK 1,600,000. In percent, the difference is 10 percent (1,600,000/16,000,000 x 100 = 10 percent).
You can use this percentage difference for the five following income years.
If the calculated market value for 2024 is NOK 17,000,000, this value will be reduced by 10 percent, which amounts to a reduction of NOK 1,700,000. The calculated rental value to be used as a basis for the 2024 assessment will thus be NOK 15,300,000 (17,000,000 – 1,700,000).
The taxable value for 2024 is set at 80 percent of the calculated rental value of NOK 15,300,000, which is NOK 12,240,000.(15,300,000 x 80 percent = 12,240,000).
Changing the taxable value for the 2023 and 2024 income years
A commercial property has a calculated rental value of NOK 16,000,000 in 2023.You proved the property’s market value to be NOK 14,000,000.
The difference between the calculated rental value and the proven market value is NOK 1,600,000. The percentage difference is 10 percent (1,600,000/16,000,000 * 100 = 10 percent.)
You can use this percentage difference for the following five income years.
If the calculated rental value for 2024 is NOK 17,000,000, this value must be reduced by 10 percent, which amounts to a reduction of NOK 1,700,000. The calculated rental value to be used as a basis for the 2024 assessment will thus be NOK 15,300,000 (17,000,000 – 1,700,000 = NOK 15,300,000).
Specific information if:
If the commercial area amounts to 50 percent or more of the property’s area, the entire property is valued using the rules for commercial properties. The term “the entire property” includes the area for both residential and commercial purposes. You must include the gross rental income from the residential and the commercial areas in the calculation of the rental value.
If the area used for residential purposes is more than half of the property’s area, the entire property must be valued using the rules for residential properties. Any primary area in the commercial part must be considered primary area belonging to the residential area.
Primary area in the commercial part could be a shop, hair salon, home office, other office area, and other rooms suitable for permanent residence. This area must be considered primary area in the residential property. Areas that are solely used for storage purposes or similar, are not suitable for permanent residence, and must not be considered primary area in the residential property.
If the plot of land, as opposed to any buildings on it, constitutes the main function of the property, the rental value must be calculated based on the number of rented out square metres and gross rental income. The area of the land that has buildings on it must be included in the number of rented out square metres.
If you have rented out the property for less than a year, you must convert the actual rental income into a calculated annual rental income. You do this by dividing the sum of the rental income by the number of months you have rented out the commercial property and multiplying the result by 12.
You must base your calculations on whole months. A commenced month is considered a whole month. For example, if you did receive rental income for six and a half months, you must calculate this as 7 months when converting to the annual rental income.
The value is set to a proportional share of the estimated value of the completed property.
The value is determined based on the rules for commercial properties that have not been rented out.
You must base the calculation on the estimated area of the completed part of the property. The valuation must be based on an overall assessment, which also takes the planned size and investment profile into account. The amount of work left on the building compared to the total work required will be an important indicator.
The calculated rental value is assessed thus:
Completed area in square metres x calculated square metre rent x 0.9 / calculation factor = calculated rental value.
Example: You’re constructing a commercial building that’s planned to be 500 square metres. The building has not been completed as at 31 December, and after an overall evaluation you estimate it to be 50 percent completed. Use our calculator to calculate the rental value of non-rented commercial buildings. The business calculator shows that if the commercial property had been completed one hundred percent, the calculated rental value would have been NOK 4,944,000.
Since the building is 50 percent completed, the calculated rental value is going to be NOK 2,472,000. Personal taxpayers must state the taxable value as NOK 1,977,600 (2,472,000 * 80 percent = 1,977,600).