Five important questions about the WOZ value of your property

What is WOZ and how does the municipality determine the WOZ value of your property? If the WOZ value is too high or too low how can you object? In this blog we answer 5 important questions.

1. What does WOZ mean?

De letters WOZ stand for  Waardering Onroerende Zaken ( Valuation Real Estate) and comes from the law WOZ. This law stipulates that the same value of property is used for a number of taxes.

2. What is the WOZ value used for?

The following government bodies use the WOZ value when calculating their taxes:

Municipalities use the WOZ value for property tax (OZB) and sometimes for sewerage charges

The tax authorities use the WOZ value for income tax (the owner occupied house tax), corporation tax, donation tax, inheritance tax and landlord tax. Water authorities use the WOZ value for the watersystem charge.

In addition, the WOZ value is often used when taking out a mortgage.

3. How is the WOZ value calculated and who does it?

Municipalities determine the WOZ value of your house with an assessment. The municipality bases its assessment on the amount your house could yield on 1 January of the previous year. This is the so-called 'value date'.A specially trained appraiser looks at data about the land and the property, among other things. He/she looks at one or more comparable houses that have been sold around the value reference date, or selected in a sample. Of course, the municipality cannot have an appraiser visit every property in the Netherlands.

By comparing via a computer model, the municipality therefore determines the valuation of the remaining homes. Here, the municipality looks at differences in, for example, location and the number of square metres of the property.

The municipality's appraiser cannot tell whether your home has been modernised recently or is very dated. It is also often not known whether solar panels have been installed, whether the property has double glazing and whether anything else has been done in terms of sustainability. Because the appraiser does not visit every property himself, the estimated WOZ value may be much too high, or, on the contrary, much too low.

4. How can I check whether the WOZ value is correct?

If the WOZ value is too high, you pay too much tax. If your WOZ value is too low, this may have negative consequences when selling your house or when applying for a mortgage. So it is wise to look carefully at how the municipality's appraiser determined the value. You can request the valuation report of your house from the municipality for this purpose.

You can request the WOZ value of your home via:

• MijnOverheid.nl
• je gemeente
• het WOZ-waardeloket

If your WOZ value is too high or too low, you can file an objection with the municipality within six weeks of the date of the WOZ assessment. After these six weeks, this is no longer possible! So respond on time. You can also object to your WOZ value via Ameo. This can be done in just a few clicks and is completely free!

Every 10,000 euro reduction yields an annual saving of 50 euros

According to Vereniging Eigen Huis ( Home ownership association), this year the WOZ value is going up by an average of 3.4 per cent. If the municipality assesses the WOZ value of your home too high, it could affect the tax you have to pay. That is why it is important to check whether the value is correct.

Ameo.nl has put a tool online to check whether your WOZ value is correct. If this is not the case, you can immediately object free of charge with just a few mouse clicks.

5. How can I make a free WOZ objection

Determining whether your WOZ value is correct and filing an objection is very easy via a special tool. With this tool you can check the WOZ value of your house. Is the WOZ value too high or too low and do you wish to file an objection? You can do so immediately and it will cost you nothing! Not even if your request is rejected!

The WOZ value and inheritance tax

If you inherit a house, you pay inheritance tax over the WOZ value (minus the mortgage debt). You can choose the WOZ value of the year of death or the following year. If you do not agree with this WOZ value, you are free to object within the stipulated period as a new interested party. Ameo has a lot of experience with such procedures. Do you have questions about our working method and fees? Please feel free to contact us.