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What is the so called WOZ value of my house?
What is the WOZ?
The WOZ value is the value of your property for tax purposes. This value is assessed every year by your municipality. They send you a statement showing the value and you can request to receive the underlying report.
WOZ values are based on market values. Assessments are carried out in the same way throughout the Netherlands according to strict rules. The WOZ value of a property is based on the building’s characteristics, official valuations, and the selling price of nearby properties.
You can find the WOZ value also on the local property tax assessments. If you don’t have them and you need to know the WOZ value you can contact the local town hall. If you have bought the house during the year the WOZ statement may have been sent to the previous owners in the period they owned the house. You may want to contact them in that situation.
Why is the WOZ important?
The WOZ value is used for certain tax purposes:
1. as a basis for the calculation of the local property tax;
2. to calculate the income related to your property in your income tax return.
Ad 1. Local property tax or real estate tax is known in the Netherlands as ‘onroerende-zaakbelasting’. This tax is paid by the owner of a house.
Ad 2. If you own a property which is your principle residence you must pay tax on the so called deemed rental value (“eigenwoningforfait”) which is based on the WOZ value of the property. This deemed rental value is a percentage of the WOZ value. Due to the deduction of the paid mortgage interest the income related to your principle residence is most of the times a negative amount.
What if I don’t agree with the WOZ value?
If you don’t agree with the WOZ value you should object within 6 weeks after the statement has been issued by the municipality.