No, selling your home does not automatically mean it goes for at least its WOZ value. The WOZ value is a value for tax purposes that the municipality sets every year, not a guarantee of what your home will fetch when you sell it. In fact, in the current Amsterdam market we regularly see homes sold well below their WOZ value, while many people still assume the WOZ value is the floor.
Why WOZ values in Amsterdam have risen so sharply
WOZ values in Amsterdam have gone up considerably in recent years, in some cases much faster than the market value itself. That has to do with the fact that the WOZ value is also the basis for the property tax (onroerendezaakbelasting, OZB): the higher the combined WOZ value of all the homes in the city, the more OZB the municipality can collect without raising the rate. Our impression is that the municipality has been taking a pretty sharp line on this in recent years.
The WOZ value used to be a safe floor, but not anymore
Traditionally, the WOZ value was always well below a home’s market value. That is how many Amsterdammers came to believe that a home always sells for “at least the WOZ value”. In this market, that is simply no longer true. This year we have guided sales in which the final selling price was almost €200,000 lower than the WOZ value on the tax assessment. The WOZ value is still an indication, a kind of guideline, but it has long stopped being the guarantee it used to be.
The municipality sometimes corrects values downwards too
Worth knowing: the municipality sets the WOZ value based on past sales figures and a valuation model, not on what a buyer wants to pay for your home here and now. In the past, the City of Amsterdam has also lowered WOZ values considerably at times, because earlier estimates turned out to be too optimistic. So the WOZ value is a snapshot taken by the municipality, not a verdict from the market.
So what do you base the asking price on?
You set the asking price of your home based on recent comparable sales in your street or neighbourhood, the condition and layout of the home, and the current demand in the market at the time of sale. With experience in the Amsterdam market since 2008, from Centrum to Oud-West and De Pijp, we know exactly how to turn that into an asking price that is both realistic and attractive. We work with a 1% all-in fee (minimum €3,500 including VAT), our own photography and one fixed point of contact throughout the whole process.
Frequently asked questions
Is the WOZ value the minimum selling price of my home?
No. The WOZ value is a value for tax purposes, not a guarantee of the selling price. Especially now that WOZ values in Amsterdam have risen sharply, the market value can turn out lower.
Can I sell my home below the WOZ value?
Yes, you can. The selling price is determined by supply and demand at the time of sale, not by that year’s WOZ value.
Why is my WOZ value so much higher this year than last year?
This is linked to the municipality’s valuation model and the role of the WOZ value in the OZB. The increase does not have to follow market developments one to one.
Can I object to a WOZ value that is too high?
Yes, you can lodge an objection (bezwaar) with the City of Amsterdam within six weeks after the assessment. A recent selling price or appraisal of a comparable home can help support your objection.
How do I set the right asking price for my home, then?
Based on recent comparable sales, the condition of the home and the current market, not on the WOZ value. A market valuation (waardebepaling) by a local estate agent gives you the most realistic picture.
Unsure about the value of your home?
Do not let a WOZ assessment that can point in any direction unsettle you. Feel free to get in touch with us for a realistic picture of what your home is actually worth in today’s Amsterdam market. 📧
