E-takst

E-takst is the industry standard for valuation of a home carried out by an estate agent. The agent gives a written estimate of market value based on an inspection, known transaction figures and statistics from Eiendomsverdi. Banks use e-takst as documentation for mortgages, refinancing and increased borrowing, and it is also common in inheritance settlements and divorce settlements. E-takst is the dominant valuation product for Norwegian homes and typically costs between 3,000 and 8,000 kroner, depending on the type of home and the location.

The standard was introduced in 2016 by Norges Eiendomsmeglerforbund (NEF), the Norwegian association of estate agents, and Eiendom Norge, and it replaced the older verditakst with a more data-driven and uniform method. The agent who carries out an e-takst must hold a valid estate agent licence under eiendomsmeglingsloven, the Estate Agency Act, and the practice is supervised by Finanstilsynet, the Financial Supervisory Authority of Norway. An e-takst is typically valid for three to six months before it has to be updated. The banks' internal guidelines set the exact lifetime.

The method builds on three main sources:

• An inspection of the home to assess standard, layout, view, sunlight, noise and maintenance.
• Comparable sales (the komparativsalgsmetoden, the comparable sales method) in the same area and for the same type of home.
• Statistics from Eiendomsverdi and Eiendom Norge, including price trends, price per square metre and time to sell.

It is important to separate e-takst from two related documents:

• The Price Quote is what the agent sets for a specific sale and builds on the e-takst, but the agent adds discretionary assessments of view, sunlight, layout and local interest, so two apparently similar flats can end up with the same e-takst but a different Price Quote.
• A condition report is a technical assessment of the state of the building under forskrift om tryggere bolighandel, the regulation on safer home sales, carried out by a building surveyor in line with NS 3600, and says nothing about market value. An e-takst says nothing about technical building quality.

E-takst is also used as the basis for appeals to Skatteetaten, the Norwegian Tax Administration, against the set housing wealth value. Under skatteloven § 4-10, section 4-10 of the Tax Act, the wealth value of a primary home is set at 25% of the calculated market value. The owner can always demand that the value is reduced to 25% of the documented transaction value. For a secondary home, the wealth value is set at 100%, but a reduction can be demanded if it exceeds 30% of the documented transaction value. An e-takst is used as such documentation to reduce the basis for property tax and wealth tax.

For commercial property and special-purpose property, other methods are used, often yield based on the rental income, frequently supplemented with DCF models for projects with a longer time horizon. Valuation of commercial property is typically carried out by a valuation engineer or a commercial property agent following the standards of Norsk takst, not as an e-takst.

In Placepoint, comparable transactions and prices per square metre for properties are shown in the Property panel, which is useful as a reference between formal e-takst assessments.

How it looks in Placepoint

In Placepoint you find this in the Property panel:

From Placepoint's glossary: E-takst

More information: Norges Eiendomsmeglerforbund: E-takst, Eiendom Norge, Finanstilsynet: Eiendomsmegling, Store norske leksikon: e-takst

English: E-takst (online property valuation by broker, Norwegian-specific).

Frequently asked questions

What is E-takst?

E-takst is the industry standard for valuation of homes carried out by an estate agent. The assessment is based on an inspection, known transaction figures and data from Eiendomsverdi, and is given as a specific price estimate.

What is the difference between E-takst and a boligsalgsrapport?

E-takst is a valuation carried out by an agent and focuses on market value. A boligsalgsrapport is a technical condition report carried out by a building surveyor, which assesses the technical state of the home.

Who can carry out an E-takst?

An e-takst can only be carried out by authorised estate agents with a valid licence. The agent starts from sale prices for comparable homes in the area and from their own observations during the inspection.

What is E-takst used for?

E-takst is typically used by banks for refinancing or applications for increased borrowing, in inheritance settlements and divorces, or to get an updated market assessment of your home.

Is E-takst the same as verditakst?

No, the old verditakst has been replaced by e-takst as the standard. E-takst is more data-driven and standardised, and is regarded as a more precise method for setting market value.