% based on list value or target value?

What's the correct way to calculate army level percentages? Against the point value you're building the list for, or against what you've got in the army.

Obviously if you nail the target, it's irrelevant, but sometimes you just land a bunch of points short (not so much a problem with ogres since gnoblars fill the banks well enough).

So say if you're at 1950 on a 2000 point list is you lord/hero limit at 500 or 487?

500 in the example you quoted.

to put wildcard's answer in a different way

When you are making a 2000pt army and you get to 1980, does it not qualify as a 2000pt army still?

The procentage is of the point limit you agreed with your opponent.

In the example you can take 500 points worth of Lords and 500 points worth of heroes even though your list is only 1980 points strong because your point limit was 2000
(just get 10 more gnobbo fighters in there for a bigger tarpit unit)

Technically you could bring a 500 point Lord and nothing else in a 2k army. You are still under the point limit.

Technically you could bring a 500 point Lord and nothing else in a 2k army. You are still under the point limit.

Only problem with that is that you are required to have at least 25% core also