𝗪𝗮𝘁 𝗶𝘀 𝗱𝗲 𝗪𝗢𝗭 𝘄𝗮𝗮𝗿𝗱𝗲 𝘃𝗮𝗻 𝗷𝗼𝘂𝘄 𝘄𝗼𝗻𝗶𝗻𝗴?

The term "WOZ value" is often used, while many people do not know what it means. While it may seem confusing at first glance, understanding the WOZ value is crucial for homeowners. In this blog, we explain exactly what the WOZ value is and how it affects your situation.

𝗗𝗲 𝗯𝗮𝘀𝗶𝘀𝗽𝗿𝗶𝗻𝗰𝗶𝗽𝗲𝘀 𝘃𝗮𝗻 𝗱𝗲 𝗪𝗢𝗭 𝗪𝗮𝗮𝗿𝗱𝗲

The abbreviation "WOZ" stands for Valuation of Immovable Property. It is an estimate of the market value of a property, such as a house or business premises, on a specific reference date. This reference date is set annually by municipal authorities and forms the basis for calculating various taxes and levies.

𝗗𝗲 𝗳𝗮𝗰𝘁𝗼𝗿𝗲𝗻 𝗱𝗶𝗲 𝗱𝗲 𝗪𝗢𝗭 𝘄𝗮𝗮𝗿𝗱𝗲 𝗯𝗲ï𝗻𝘃𝗹𝗼𝗲𝗱𝗲𝗻

Several factors are considered to determine the WOZ value. Among them:

✅ Location
The location of the property has a major impact on its value. Properties in popular neighbourhoods or areas with good amenities often have a higher WOZ value.

✅ Property type
What type of property also has an impact. Flats, detached houses and commercial properties each have their own market value.

✅ The size and state
The size of the property and its general condition contribute to the valuation. A well-maintained house may have a higher WOZ value than a similar property that is in lesser condition.

✅ Market developments
Changes in the property market can also affect the WOZ value. If house prices rise in a particular area, this can result in a higher WOZ value.