The WOZ value of homes has risen for the fourth year in a row. For the Netherlands as a whole, the WOZ value has increased by 7.8 percent. The Central Bureau of Statistics (CBS) reports this according to the most recent figures. The average value of a typical Dutch home, therefore, rose to a new record of 248,000 euros on 1 January.
WOZ in Brabant
The largest WOZ climbers in Brabant are Deurne (10.7%), Uden (8.9%), Den Bosch (8.6%), Eindhoven (8.4%) and Veldhoven (8.3%).
WOZ in North and South Holland
As for the rest of the Netherlands, Rotterdam saw the strongest increase in price for an average home. Here the WOZ rose to almost 16 percent or 192,000 euros for an average home. Amsterdam still leads the way with the highest property values for last year. The increase in the WOZ value was more than 11 percent, which translates into an average house valuation of 378,000 euros.
The WOZ value of houses is based on the estimated house value from the previous year and is used by municipalities as a basis for levying property taxes. Thus the current WOZ value was developed a year behind the actual house prices.
How does WOZ work?
WOZ means ‘valuation of immovable property’. The WOZ value applies to all homes, including rental homes and unsold owner-occupied homes. The WOZ Act stipulates that it is useful to have one tax based on the value of a home instead of a number of individual taxes. To achieve that, homes are valued every year on January 1 by, among other things, looking at the location, size and type of house. The WOZ value only shows an increase after 2015, while house prices have been rising since around 2014. Moreover, the housing stock is changing due to new construction and demolition, which generally has an increasing effect on the development of the WOZ value.
Source: Omroep Brabant
Translation: Nicole Cullinan