What is the so called WOZ value of my house?
Article ID: 52 | Last Updated: Sun, Nov 20, 2011 at 12:06 PM
What is the WOZ?
The WOZ value is estimated every year by your municipality. They send you a statement. The WOZ value is also mentioned on the local property tax assessments. If you can't find anything 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.
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.
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.