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According to the Ministry of Finance, the government has submitted for consultations a proposal for a new system of property tax valuation of recreational homes. The proposal follows a decision taken by a large parliamentary majority.
ZaThe rules on determining the property tax value of holiday homes are obsolete
The current rules for determining the property tax value of holiday homes are outdated and inaccurate. Figures are based on historical construction costs which are then revised upwards by a common percentage for the entire country at irregular intervals.
– In Norway, many people have their own "hytta". Many recreational facilities are inherited. Huge value It is obvious that the market for these houses is available not only to those with high incomes. It is therefore important that taxation is kept at a moderate level. This is the basis for systemic change proposed in this consultation. The aim is to reduce arbitrary effects and treat identical objects more equally than currently, says Finance Minister Jan Tore Sanner.
WThe property values of the holiday homes will be calculated annually
The proposal means that holiday home property values will be calculated annually using the reference model. The template model is based on the same principles as the current model for ordinary homes. However, the new model uses more advanced technology in the form of machine learning. This means that the model better reflects which holiday home properties affect the value. If the benchmark model gives too much value, the taxpayer may request a reduction in value.
- The use of machine learning is based on the government's national strategy for artificial intelligence. If this technology is used wisely, it has enormous potential for private individuals, business and the public sector, says the Minister of Finance.
The Ministry of Finance aims to introduce the new system from 2024.
The proposal follows a decision by the Storting in a tax reform settlement asking the government to "review and improve the recreational property valuation system." There was a large parliamentary majority behind the decision.
Height property tax on real estate recreational activities or the unification of wealth tax is not a topic for consultation at all. Therefore, the Ministry's starting point is a change that is neutral in terms of income. Any adjustments to wealth tax must be taken into account before submitting an application to the Storting.
The consultation deadline is January 7, 2022. The ministry will take a final position on the proposal after consultation, but aims to introduce a new system from 2024.
