Every year, as soon as the holidays are over and the new year begins, in January, the WOZ value of your house is reassessed. But what exactly is this WOZ value? What does it do for you, and when do you need it? We discuss all the details below so you know what to expect.
WOZ values are public so that everyone can compare their house to the value of other properties.
What is WOZ value?
WOZ stands for Wet Waardering Onroerende Zaken; Valuation of Immovable Property Act. The WOZ value is the value of a house registered with the municipality and constitutes the basis of municipal taxes and charges. The municipality determines it each year, and the WOZ value is the estimated market value on the reference date of 1 January of the previous year.
The WOZ is determined by the municipality and is based on the following:
- Selling data
- Location of the property
- Content data
- Surface area data
Good to know is that a WOZ value is valid for one year and reassessed yearly. Also, the WOZ values are public so that everyone can compare their house with the value of other homes.
When is the WOZ value needed?
You need the WOZ value if you want to apply for a mortgage. This is because the person you want to take out your mortgage from wants to know whether the house value and mortgage match the mortgage standards. In some cases, financiers agree to take out a mortgage based on the WOZ value alone. So then, a valuation report is not required. But, this is usually different from the case, and you need a valuation report.
What is the significance of a correct WOZ value?
The amount of the WOZ value affects various things, so the WOZ value must be correct. Firstly, municipalities, water boards, and the Tax Administration use the WOZ value as a foundation for levying miscellaneous taxes. Municipalities use the WOZ value as a foundation for property tax (ozb), waste disposal, and sewerage charges. The tax authorities use the WOZ value for income tax, gift tax, and inheritance tax for homes. The higher the WOZ value, the more tax you pay.
The WOZ value also plays an important role when buying a house during negotiations. When selling a home, you are interested in a higher WOZ value. This is because the WOZ value is an estimate of the market value of your house. Potential buyers will base their opening offer partly on the WOZ value.
Finally, a higher WOZ value can also mean your mortgage interest rate can go down when the lender's risk decreases—wondering where to find the WOZ value? Check your home on Walter Living. When you create a report of the house, you will see the WOZ value. In a Walter report, you will find comparable properties' WOZ values.
All data comes directly from the WOZ valuation office.
WOZ valuation office
At the WOZ waardeloket you can view the WOZ value of various properties.
The WOZ values displayed in the WOZ-value desk are amounts determined by municipalities and are based on object characteristics such as year of construction and surface area. This information comes from the Basic Registers of Addresses and Buildings. The municipality is responsible for both.
WOZ and taxes
Every year, the municipality determines the value of your house since you pay tax based on the WOZ value. You pay property tax, the OZB, as well as water board tax, income tax, and inheritance tax.
Due to the excellent housing market, in 2022, the WOZ value will go up compared to the 2021 WOZ value. This will result in higher taxes in 2021. In addition, the rates will go up in a number of municipalities, making you pay even more.
If you disagree with the WOZ value, you can object.
Objection against WOZ value
In some cases, municipalities do not have a clear picture of the properties in their area. This is unfortunate because a higher WOZ value affects your wallet. If you disagree with the WOZ value, you can file an appeal. You do this within six weeks of receiving the WOZ value.
Difference between market value and WOZ value
A WOZ value is used for determining charges and taxes by the municipality. The market value is used for Walter's valuations and the sale or purchase of a property. Since the free market and the municipal WOZ determination are made according to different rules, these values may differ.
Walter Living calculates the value of a house for you within 30 seconds.
Walter Home Valuation
Apart from the WOZ value and the market value of a property, there is another way to find out the value of a property. Walter Living calculates the value of a house in the Netherlands for you within 30 seconds. It doesn't matter whether the house is for sale or not. With Walter, you will find the home value based on current market prices and comparable homes in the neighborhood.
With Walter Woning Waarde, you get essential information that experts conveniently list for you. It is a work folder of an address where you can easily find all the data. With a Walter Property Value report, you get access to all our data.