Property tax valuations went down by an average 5% at the beginning of this year compared with January 2013, the national statistics office CBS said on Tuesday.

The WOZ value is used to determine how much property and water tax home owners should pay to their local councils.

The average value of a Dutch property was €211,000, down from the record €242,000 average recorded in 2010. WOZ valuations lag developments on the actual property market.

The wealthy towns of Bloemendaal, Laren and Blaricum have the highest average valuations at over €500,000. The lowest average valuation – €123,000 – is in Heerlen in Limburg, but five of the 10 cheapest local authority areas are in Groningen.

WOZ values differ from average house prices because the calculations include rental properties.