The WOZ value of Dutch homes has risen by an average of 16.4 percent compared to a year earlier. That appears from research published Thursday of Statistics Netherlands (CBS). At the beginning of this year, the average WOZ value of a Dutch home was 369,000 euros, the highest value ever.
The WOZ value is reassessed annually and follows the price development of existing owner-occupied homes with a one-year delay. The government uses the WOZ value – which stands for valuation of immovable property – to determine the amount of taxes and levies, such as property tax, income tax and water board tax. Municipalities value homes for the WOZ to the value of January 1 of a year earlier, currently January 1, 2022. At that time, the housing market was still on the rise, which means that the value is much higher than last year.
The municipality of Lelystad was confronted with the largest relative increase in value in the past period. The average WOZ value of homes there rose by 26.3 percent to 327,000 euros per home. In the municipality of Bloemendaal (North Holland), homes with an average value of 932,000 euros have the highest WOZ value in the Netherlands, while Pekela in Groningen, where it amounts to 194,000 euros, has the lowest. In Amsterdam, an increase of 19.1 percent in the average WOZ value was recorded, for the municipality of Utrecht it amounted to 17.6 percent.
At provincial level, the average house value rose most in Flevoland by 19.2 percent to 348,000 euros per house. Statistics Netherlands recorded the highest average WOZ value of all provinces in North Holland, 461,000 euros, and the lowest in the province of Groningen, 268,000 euros.
When calculating the average WOZ value, Statistics Netherlands includes all homes, including rental homes and unsold owner-occupied homes. The housing stock changes due to new construction and demolition, which generally leads to a higher average WOZ value. Last month it was announced that this year 600,000 Dutch people have already objected to their WOZ value, the Valuation Chamber reported. That is almost three times as much as in previous years.
Read also: Will Hugo de Jonge’s six policy programs help solve the housing crisis?