The official assessed value of Icelandic real property — set annually by Registers Iceland and used as the basis for property taxes. Purchase prices typically exceed fasteignamat significantly in Reykjavik.
Fasteignamat is the official assessed value of Icelandic real property, determined annually by Registers Iceland (Thjodskra Islands). It represents the authority's estimate of a property's market value and serves as the basis for the Icelandic property transfer fee (fasteignagjald) and ongoing annual property taxes paid to municipalities.
In Iceland's active urban property market (particularly Reykjavik), purchase prices almost always exceed fasteignamat — often significantly. The assessed value is updated annually but may lag market movements. Buyers should not rely on fasteignamat as a guide to purchase price; use recent comparable sales and engage a licensed Icelandic property appraiser for significant purchases.
The fasteignamat is publicly accessible through Registers Iceland (island.is/fasteignir). Any person can search the assessed value of any Icelandic property by entering the property's fasteignanumer or owner's kennitala.
Annual Icelandic property taxes (fasteignagjald) are levied by municipalities based on fasteignamat. Rates vary by municipality — Reykjavik levies approximately 0.5% of fasteignamat annually for residential property. Non-residents owning Icelandic property are subject to the same fasteignagjald as residents.
For Icelandic property transactions, the skattskra (tax register) must be checked to confirm there are no outstanding fasteignagjald or other liens on the property before purchase. Outstanding property taxes must typically be discharged at completion.
Registers Iceland assesses fasteignamat annually using a mass appraisal model that considers location, property type, size, age, and condition, calibrated against recent sale prices. Owners can challenge their assessment through a formal review process (kaera).
No. Fasteignamat is an official assessed value for tax purposes that typically lags the market. In active markets like Reykjavik, market prices significantly exceed fasteignamat. Use recent comparable sale data for market value assessment.
Yes. Property owners who believe their fasteignamat is inaccurate can file a kaera (appeal) with Registers Iceland within a specified period after the annual assessment is issued.
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