Changing the taxable value - holiday property in Norway

• valuation from a qualified valuer,
• valuation by an estate agent who is familiar with the district,
• observable market value - the price for which the property/plot or a very similar property/plot in the same area has been sold. Documentation of observable market value could be a purchase agreement or similar document stating the sale price.

• By amending your tax deduction card: If you believe that the estimated taxable value is incorrect and that the error will affect the tax deduction for the 2024 income year, you can amend and order a new tax deduction card. Enter the taxable value you believe to be correct. The taxable value of holiday properties must not amount to more than 30 percent of the property's documented market value. You must be able to document the market value if the Norwegian Tax Administration asks you to do so. Note that the amended taxable value will not be transferred and pre-completed in your tax return. You must also change the taxable value in your tax return yourself.
  
  
• By amending the tax return: You can change the taxable value when you submit the tax return. You can change your tax return if you believe that the taxable value exceeds 30 percent of the property’s documented market value. In the case of holiday properties, claims for a new taxable value must amount to 30 percent of the documented market value. You must be able to document the market value if the Norwegian Tax Administration asks you to do so. You can also change your tax return if the taxable value is significantly above that of comparable properties elsewhere in the municipality.
  
  

• Changes after you have submitted your tax return or received your tax assessment. If you wish to change the taxable value after you have submitted the tax return or received the tax assessment, you can change the tax return yourself and resubmit it.
  You can make changes for the 2021 and 2022 income years by submitting a correction.
  You can make changes yourself for three years from the submission deadline for the tax return (normally 30 April) of the income year you wish to change. However, you cannot make changes yourself if you’ve received a notification of an audit of the information on the taxable value from the tax authorities or if you’ve received a decision by the tax authorities on the assessment of the taxable value. In these cases, any changes of the taxable value must be requested through an appeal to the tax authorities.

Assessments of the taxable value of holiday properties are based on the taxable value during the previous year. If you've had the taxable value reduced in one year, the new reduced taxable value will also be used as a basis for the following years, adjusted by the appropriate annual adjustments where applicable.

For the 2023 income year, there are no changes in the taxable value.