Around the end of February, the WOZ value of your home (the municipal property valuation) usually lands on the doormat. This value is the municipality's estimate of the market value of your home. The valuation date is always in the previous year. The WOZ value is based on the sale prices of homes sold in the area. The WOZ assessment isn't up to date. The valuation date is 1 January of the previous year. Nationally, the WOZ value has risen by 8.6% on average. On average, the WOZ value will rise by 8 to 10%.
Contents
- A higher WOZ value can also have advantages
- The notional rental value percentage is falling
- Villa tax
- Higher costs
- Request a valuation?
A higher WOZ value can also have advantages
There's a good chance the WOZ value of your home has gone up. It may be a good idea to look at your mortgage. Have you paid off more, and has the value of your home risen? Then the interest rate surcharge on your mortgage may be removed. That can save you a lot of money. As we just said, the WOZ value isn't entirely up to date. It may be smarter to request a formal valuation. There's a good chance the value of your home is significantly higher than the WOZ value.
The notional rental value percentage is falling
The WOZ value also matters for the level of municipal taxes and the notional rental value (eigenwoningforfait) in box 1 of income tax. The notional rental value is based on the WOZ value of homes, which is set by municipalities. The notional rental value is falling. But WOZ values are rising. On balance you may even end up paying more. One lucky thing with rising house prices is that the WOZ value is generally relatively low compared with the current market value. To compensate homeowners for the accelerated restriction of the maximum mortgage interest relief, the notional rental value for homes with a WOZ value of 75,000 to 1,060,000 euros is falling to 0.60 percent. At the moment it's still 0.65 percent.
Villa tax
The so-called villa tax now applies to homes with a WOZ value from €1,060,000 instead of €1,080,000. Homeowners have to apply an addition of 2.35% on the value above that threshold. The addition for those with little or no mortgage debt on their own home is rising from 3.3% to 6.6% because of the phasing out of the Wet Hillen
Higher costs
The WOZ value serves as the basis for all sorts of taxes, such as the notional rental value, the property tax and inheritance and gift tax.
That can lead to higher costs, because the WOZ value serves as the basis for all sorts of taxes, such as the notional rental value, the property tax (OZB) and inheritance and gift tax.
Don't agree with the rise in your WOZ value? Then lodge an objection. It almost always pays off. Want to get rid of your interest rate surcharge? Then find out whether a formal valuation gets you more benefit or whether the WOZ value is enough.
