How to enter the taxable value of residential/holiday property under construction in the tax return
The way you have to enter the taxable value of a residential/holiday property under construction in the tax return depends on how far the construction process has progressed and the type of property being built.
Property where construction has not yet started
The taxable value must be stated in the tax return, according to the rules for the tax valuation of plots of land.
Property where construction has been started but not yet completed
The taxable value is set to a proportion of the estimated taxable value of the completed residential/holiday property in the tax return.
Property that has been completed
- In the income year in which construction of a residential property is completed, the taxable value must be calculated according to the ordinary rules for the tax valuation of residential property, either as a primary dwelling or as a secondary dwelling. The taxable value will be shown in the tax return.
At the same time, you must delete the taxable value of the same property if it's also entered as a plot of land/other real property. - In the year in which construction of a holiday property is completed, the taxable value must be calculated according to the ordinary rules for the tax valuation of holiday property. The taxable value will be shown in the tax return.
At the same time, you must delete the taxable value for the same property if it's also entered as a plot of land/other real property.
Important information
You do not need to send us any documentation concerning this, but you must be able to present it upon request.