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Thursday 24 October 2019

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Official property values soar to record high, Rotterdam books biggest rise

Photo: slamservice.info

Official property values in the Netherlands – which are used to calculate local taxes for home owners – have risen for the fourth year in a row, national statistics office CBS said on Friday.

The average WOZ property value in the Netherlands on January 1 was €248,000, the CBS said, a rise of nearly 8% on the previous year and the highest ever level.

WOZ values lag behind actual property prices because they are based on the sales price of comparable housing in the same neighbourhood.

The sharpest rise is in Rotterdam, where values rose 16% to €192,000. In Amsterdam the average value rose 11% to €378,000. The official WOZ value has risen 64% in the capital in four years.

The town with the highest average WOZ valuation is Bloemendaal (€695,000) while the lowest is in Delfzijl in Groningen, at just €127,000.

Local authorities use the WOZ value to calculate how much home owners should contribute towards services.

The increase does not mean that local taxes will rise by the same amount, because some local authorities temper the increase by cutting property and water tax rates.

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