About taxable valuation of your own home (primary dwelling)
When calculating wealth tax, you must normally include all assets that you own, valued at what they are worth on the open market.
However, exceptions apply for primary dwellings, among other things, where a lower value known as the 'taxable value’ must be used as a basis when calculating wealth tax, rather than the market value.
You can read more about taxable valuations of multi-unit residential buildings here.
A primary dwelling is the residential property that you use as your own permanent dwelling, in other words your home. It's normally the dwelling which address is registered in the National Registry at the end of the year. Your primary dwelling can generally be any type of property, e.g. an apartment or a detached house. Dwellings on leased land are also covered by the rules concerning primary dwellings if you're using the dwelling as your home at the end of the year. (However, the rules concerning primary dwellings etc. do not apply to holiday homes, farmhouses and residential properties situated either abroad or on Svalbard). It's not possible to have more than one primary dwelling upon value assessment.
Some dwellings may be a primary dwelling for one owner, but not for others. For example, if a child and it's parents jointly own an apartment, but only the child lives there, the child’s share of ownership in the apartment will be calculated according to the rules for primary dwellings, while the parents' share must be calculated according to the rules for secondary dwellings.
The distinction between primary and secondary dwellings is only of significance for the valuation of wealth tax, not for any property tax that your municipality may levy.
When you live permanently in an institution
Your dwelling may be considered to be a primary dwelling even if you did not live there at the end of the year. This will be the case if you're unable to use the dwelling as your home for health or age-related reasons. However, this assumes that the dwelling has not been let.
Posting abroad
If you spend all or part of the year abroad because of your job, but you're not considered to have emigrated, your dwelling in Norway may still be considered to be your primary dwelling provided that you're correctly registered at this address in the National Registry at the end of the year. However, this assumes that the dwelling has not been let, and that you can substantiate/verify that you've been unable to use the dwelling in Norway as your home because of circumstances over which you have no control, e.g. a posting.
Important information