Changing the taxable value of your own home (primary dwelling)

If you can document that the taxable value set for your primary dwelling exceeds 25 percent of the property’s documented market value up to NOK 10 million and 70 percent for any amount exceeding NOK 10 million, you’re entitled to have the taxable value reduced.

You must update information on the dwellings documented market value in your tax return yourself. 

Any basis for a reduction (valuation/estimation, etc.) must date from the period after 1 July in the income year to which the taxable value belongs to.

If you change the information on your home in the tax return, it will affect the taxable value of the property. Information on the primary area, for example, must be changed after extensions, demolitions, or fires.

With regards to cases concerning property tax and reduction of the taxable value you can read more about property tax.

  • 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 changing your tax deduction card for 2024: 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 change this and order a new tax deduction card. Enter the taxable value you believe to be correct. The taxable value is set to 25 percent of the documented market value up to NOK 10 million and to 70 percent of any amount exceeding a documented market value of NOK 10 million. Please note that changes of the taxable value are not automatically transferred and pre-filled in your tax return. You must make sure to change the basis for the taxable value in the tax return as well.

  • By changing the tax return for 2023: You can change the basis for the taxable value when submitting the tax return. You can make changes when you believe that the basis for the calculation is wrong, this means incorrect information on the primary area, year of construction, etc. You can also change to documented market value. The taxable value is set to 25 percent of the documented market value up to NOK 10 million and to 70 percent of any amount exceeding a documented market value of NOK 10 million. 
  • Changes after you have submitted your tax return or received your tax assessment:If you wish to change the taxable value after submitting the tax return or received the tax assessment, you can change the tax return yourself and resubmit it. You can also make changes for the 2022 and 2022 income yearsc. 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.

  • Property tax: If the municipality uses the Tax Administration’s calculated market value (property value) for residential properties as the basis for issuing property taxes, any change of the taxable value as mentioned before will affect the property tax issued.

To avoid having to request a reduction in the taxable value every year, a proportionate reduction in the taxable value is given in the assessments for the next five income years. The square meter rate is then reduced by as many percentage points as you could document that the taxable value exceeded the maximum limit.

Example for the income year 2023 - primary dwelling with a calculated market value under NOK 10 mill
If you are able to document that the taxable value of your primary dwelling is too high, it may be reduced to 25 percent of the market value. If the calculated taxable value is NOK 3 000,000 and the verifiable market value is NOK 2 300 000, the taxable value may be reduced to 25 percent of the verifiable market value, i.e. NOK 575,000.
This amounts to a reduction in the square metre rate of 23,33 percent, which will be used as a basis for the next five years. 

3 000 000 – 2 300 000 = 700 000
700 000/3 000 000 x 100 = 23,33 prosent