Official home valuations expected to rise by 17% this year
The average property value (WOZ) of homes in the Netherlands, which many homeowners will receive from their municipality in the coming weeks, will be 17 percent higher than last year, the Valuation Chamber announced in a press release on Thursday.
The recent cooling in the housing market, with home prices falling over the past months, is not yet reflected in the WOZ values for this year. The WOZ values for 2023 are determined based on housing market developments in 2021 when home prices in the Netherlands were still skyrocketing.
The 17 percent increase is the national average. The increase in value per home will be different from this average based on various factors, including its location, the type of home, and how well-maintained it is. Municipalities are currently working on the final check for WOZ values and will inform homeowners in the coming weeks.
Municipalities, water boards, and the Tax Authority use WOZ value to determine the property tax, water system levy, and the notional rent value, among other things.
