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Everything you need to know about the WOZ value
What does the WOZ value mean?
The value of your home is called the WOZ value. The WOZ value is used to determine the amount of taxes and levies, such as property tax. Do you have a rental house? Then the WOZ value partly determines the amount of the rent. Municipalities determine the amount of the WOZ value. They do this based on the Real Estate Valuation Act (WOZ Act).
What is the WOZ value?
The WOZ value of a house, business premises, land, etc. is an estimated market value on January 1 of the previous year. As an example: the WOZ value at your disposal that you will receive in 2021 has a reference date of January 1, 2020. The WOZ value is therefore always at least one year behind.
What happens in the event of a sale and the paid WOZ assessment?
Have you already paid your property tax (OZB) and are you going to sell your home? You don't have to worry that this money is gone. In the purchase agreement it is generally agreed that settlement will take place during the transfer at the notary. For example, if this transfer is on 1st September, the notary will ensure that the buyer reimburses you for the amount from 1st September to 31 December.
When is the WOZ value known?
You will receive the WOZ assessment in the first three months of the new year. The WOZ value is stated on the WOZ assessment. The WOZ value is estimated by the municipality on the basis of the market value on 1st January of the previous year.
Where can I find my WOZ value?
The WOZ value can be found on your municipal tax assessment, the WOZ decision. You will receive this in the first three months of the new year. Have you lost your WOZ decision? You can view the WOZ value free of charge at the government's online WOZ value counter. Fun fact! The WOZ values of homes have been public since 2016.
How is the WOZ value of your home determined?
The municipality determines the new WOZ value every year. This WOZ value is the appraisal value of the previous year, which is also called the reference date. The municipality uses reference homes that are approximately the same in terms of surface area, architectural style, year of construction, location and state of maintenance. The sales figures of the reference home, another name for homes comparable to your home, are also examined.
Model-based valuation
Because the municipality calculates the WOZ value for a large number of homes at the same time, all data is analyzed using a computer program and calculation models. Unfortunately, a disadvantage of such a model-based valuation is that it may contain inaccuracies.
Why is a correct WOZ value important?
- The WOZ value determines the amount of a number of taxes.
- With a higher WOZ value you often pay more tax. Municipalities use the WOZ value as a basis for levying property tax, waste tax and sometimes sewerage tax. Finally, the Tax Authorities use the WOZ value for, for example, income tax (via the notional rental value), gift tax and inheritance tax.
- The WOZ value plays a role in the sale of the home.
Are you planning to move and is your home going to be put up for sale? Then you have an interest in a high WOZ value. - The WOZ value influences any interest surcharge.
Has your WOZ value increased and do you have an interest surcharge on your mortgage interest? Then the mortgage interest rate may be lowered. The risk for the lender decreases with a higher home value.
Object if your WOZ value is incorrect
Do you suspect that your WOZ value is incorrect? Then you can object. We are happy to help you by using the objection tool.
NB! An objection must be filed within 6 weeks from the date stated on your WOZ decision. Sometimes a call to the municipality is enough to have your WOZ value adjusted.
