13 Sep WOZ Value: What is it exactly?
If you’re buying or selling a home in Almere, you’ll encounter many new terms, some of which may feel overwhelming. Real estate jargon can be tricky, with terms that seem similar but have distinct meanings. One such term you’ll often come across is the WOZ value. In this article, we’ll explain what it is and why it matters, so you’ll have a clear understanding as you navigate your real estate journey.
What is the WOZ value?
WOZ stands for Wet Waardering Onroerende Zaken (Valuation of Immovable Property Act). The WOZ value represents the assessed value of a property, essentially the home’s worth. It’s as simple as that, although the term can seem unnecessarily complicated. The municipality determines this value annually, and it plays a key role in setting property taxes and levies.
Since the municipality is responsible for determining the WOZ value, they assess all types of immovable property, including residential homes, commercial buildings, and plots of land. Homeowners receive a WOZ decision based on this assessment. You can find the associated amounts on the municipal or water authority websites, or simply ask your real estate agent for advice—they’re there to help you with all your questions.
How is the WOZ value determined?
So, how does the municipality assess the WOZ value? First and foremost, they look at the location of the property. Location remains one of the most critical factors in property valuation. They also consider the size and surface area of the home. You can find more detailed information about how these factors are calculated on the municipal website. The WOZ value forms the basis for municipal taxes and levies.
Some examples of taxes based on the WOZ value include property taxes (onroerendezaakbelasting), sewerage charges, and water board levies. Every property in the Netherlands has a WOZ value. Since this value also influences the appraisal of a home when it’s being sold, it’s crucial to ensure the WOZ value is up to date.
If you’re interested in learning more about buying or selling a property, explore more articles on our blog for helpful tips and advice!
