Knowledge Centre
Find the meaning of various terms related to renting & letting here.
When renting a new home, there's more to consider than simply picking a property and moving in. Especially when you're searching for a rental for the first time, there are several things to keep in mind. If you're new to the world of renting, you'll likely come across terms you're not familiar with, such as delivery condition, rent protection, and the rent tribunal. These are terms you really should know when you're renting a place on your own, as it's likely you'll deal with one or more of these aspects.
Council tax valuation
What does this entail?
On the hunt for charming rental properties? You’ll encounter a lot of things. Think about finances, the registration process, negotiations, and setting demands and desires for the property. One thing you can’t avoid during any house hunt is the WOZ-value. Calculations for the WOZ-value are made for both purchase and rental properties. Here, you can read more about what the WOZ-value is and what it can mean for you.
Checklist WOZ-value
The WOZ-value, also known as the Valuation of Immovable Property, is a law that determines the value of all immovable properties. This includes rental and purchase properties, but also commercial buildings. The WOZ-value is an estimate of how much the property is worth on the market. The municipality makes this estimate based on a reference date of January 1st of the year preceding the year for which the WOZ-value is determined. The municipality determines the WOZ-value based on data about the sale prices of surrounding properties. If houses around you are sold for high prices, it’s likely that you live in an upscale neighbourhood. The municipality also looks at spatial data, such as how many square meters of land the property occupies (including the garden). The property's location is also considered. Lastly, they look at content information, which is more about the interior of the house. Consider the energy label, for example.
My WOZ-value
There are three ways to find out the WOZ-value of your property. The first way is through the WOZ-value portal. On this government website, you can easily enter your own town or even postcode. You can then click on your property via a map. This is a very easy way to quickly find out your WOZ-value. Another method is by logging in with your DigiD on MijnOverheid.nl. The last method, which also takes the longest, is to inquire at your own municipality. They also have this information in their system. If you can’t find the WOZ-value of a particular property, it’s most probably not a residence. The WOZ-values of companies or organizations, for instance, are not public, unlike those of residences.
Importance of WOZ
Of course, it’s nice to know that the value of your house is high. This can provide a good feeling and a sense of wealth. The advantage of a high WOZ-value is that if you want to sell the property, it will yield a lot. A property that is worth a lot naturally brings in more money than one that is worth less. The downside of a high WOZ-value is that you pay more tax on it. You pay a certain percentage of municipal tax on your WOZ-value. These are taxes or levies like sewerage charges, water board charges, and of course property taxes. The higher the WOZ, the higher the tax amount. If you disagree with the amount of the WOZ-value, you can file an objection with the municipality. They will then check again if the WOZ-value indeed needs to be adjusted up or down.