Finance

WOZ up, but what is the value in your area? Check it out here

Every year, municipalities determine the WOZ value (Valuation Immovable Property) of every home in the Netherlands by looking at the house prices from the previous year. As a result, this value will increase with a one-year delay if house prices rise. On January 1, 2021, this value increased by 7 percent compared to a year earlier.

Record

House prices broke record on record this year and last year. According to CBS economist Peter Hein van Mulligen, it is therefore obvious that the average WOZ value will continue to rise in the coming years.

Homeowners often have to pay more tax if the WOZ value increases. This is because municipalities base the property tax (ozb) and sometimes also the sewerage levy on this. Some other taxes can also be determined on the basis of the WOZ value, such as gift tax and inheritance tax.

On the other hand, the mortgage interest can sometimes go down after an increase in the WOZ value and it also becomes easier to sell a house, the Home Owners Association writes on its website.

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