Right Wing Parties Against Wealth Tax in Norway

While the coalition government announced to increase the minimum allowance of property in 2013 budget, two right wing parties, the Progress Party (FrP) and the Conservative Party (H√łyre) promise to remove all wealth and inheritance tax in Norway.

H√łyre already has proposed removal of wealth and inheritance tax in the party program. This will be discussed at the party‚Äôs congress in the spring, writes Aftenposten. Also, FrP will step in to remove the wealth tax and inheritance tax in four year.

About Wealth and Property Taxes in Norway

Norwegians must pay an annual “wealth tax” on their net “worldwide assets”. There is an exemption (up to the equivalent of $78,483 USD), with any amount over that being subjected to a 1.1% “wealth tax”.¬†

In order to figure out how much you would pay, take the total worth of your assets (house, cash in the bank, etc) and subtract any liabilities (mortgage, etc). 

Norwegian municipalities can choose to impose a property tax of between 0.2-0.7% on the total “fiscal value of the property”. Not all Norwegian municipalities choose to levy this tax.¬†

Also, children, foster children and parents of the deceased pay a progressive rate for an inheritance or death tax. Here are the USD equivalents:

First $78,483 – Nothing

Next $55,105 – 6%

Anything Over $133,589 – 10%

“All other beneficiaries” pay this rate:

First $78,483 – Nothing

Next $55,105 – 8%

Anything Over $133,589 – 15%

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