Timely objection to “WOZ” assessment
The municipal “WOZ” assessments (property assessments under the Valuation of Immoveable Property Act of the Netherlands) are scheduled for distribution in late February 2014.
They are based on the appraised values of the relevant properties as at 1 January 2013 (this being the current year’s reference date). In addition to the appraised values being used by the municipalities as a basis for levying property taxes, they also serve a variety of other tax purposes such as that of calculating imputed income from home ownership under box 1, district water board charges or the landlord’s tax charge, and are used in the context of immoveable properties being inherited or gifted. The appraised value also has relevance where it concerns immoveable properties that are used in a business context, as it imposes restrictions on the maximum depreciation of the relevant properties.
The taxes levied on let dwellings being accounted for under box 3 are likewise based on the “WOZ” assessments for the relevant properties. The growing importance of the “WOZ” assessment makes it a worthwhile exercise to look into the accuracy of the appraised value and consider whether or not an objection might be in order.
Many municipalities offer a straightforward on-line option of lodging a “WOZ” assessment objection, or you may engage a specialist agency if you prefer (many of these operate on a no cure, no pay basis). Either way lodging objection need not be an expensive or time consuming affair!