Construction of a property that has not yet started

If construction of the property has not yet started, the rules relating to valuation of plots of land apply.

Construction of a property that has been started but not yet completed

If construction of the property has been started but not yet completed, the taxable value is set to a proportional share of the estimated taxable value of the completed residential/holiday property. That is, to a proportional share of the:

• residential property’s taxable value, which for a primary dwelling is 25 percent for the part that is up to NOK 10 mill of the estimated market value. The percentage share must still be 70 percent for the part that exceeds NOK 10 mill. The taxable value for a secondary dwelling is 100 percent of the estimated market value.
• holiday property’s taxable value, which is 30 percent of either the property’s cost price including land or the market value.

Construction of property that is completed

In the income year in which a residential property is finished, the taxable value must be set according to the ordinary rules for the tax valuation of residential property, either as a primary dwelling or as a secondary dwelling.

Once a holiday property is completed, the taxable value must be set to either 30 percent of the property’s cost price including land or 30 percent of the property’s market value.