Changing the taxable value - taxable value of residential/holiday property abroad

If you're able to document that the tax value of your residential/holiday property abroad exceeds 30 percent of the property’s true market value, you can have the taxable value reduced. The Norwegian Tax Administration will not correct this value on its own initiative.

The valuation must be based on the market value abroad.

The basis for the reduction (valuation, etc.) must date from the period after 1 July of the income year the taxable value is related to.

A taxable value for holiday property that is significantly above comparable properties elsewhere in the same district may be reduced based on an individual assessment. The taxable value must then be set in accordance with the taxable values of comparable properties in the district, rather than as a specific proportion of the sales value.

  • 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 this 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 residential/holiday property abroad must not amount to more than 30 percent of the property's 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 your tax return: You can change the basis for the taxable value when you submit your tax return. You can change your tax return if you believe that the taxable value exceeds 30 per cent of the property’s documented market value. In the case of residential/holiday property abroad, claims for a new taxable value abroad 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 a tax settlement notice: If you wish to change the taxable value after you've submitted your tax return or received your tax settlement notice, you must do so by changing and submitting the tax return (for the income year 2023), or by submitting a correction (for the income year 2022 or 2021).

    You can make changes to the tax return yourself for up to three years after the deadline for submitting (normally 30 April). However, you cannot make changes yourself if  the tax authorities have notified you of an audit of the taxable value information or you've been informed that the tax authorities have assessed the taxable value. In such cases, you can only change the taxable value by submitting an appeal to the tax authorities.

Assessments of the taxable value of residential/holiday property abroad 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.