Basic land tax amount comprehension question

No. But it does not increase automatically either, although your property in [Zuluft] will very likely gain value.

hm… whether the value of my property increases is uncertain.. but that my house is getting older is a fact.

No. But it does not increase automatically either, although your in Zuluft is very likely to gain value.

I’m just asking the people from Düsseldorf how they feel about their plots of land. Last week, the turning point also reached the land prices or standard land values there. On average, across all of Düsseldorf, a discount of 10-20% with the new standard land values. In top location Oberkassel, for example, instead of €9,600/sqm, it’s now only €8,200/sqm or instead of €8,500/sqm, only €6,900/sqm.

Then there was probably a bubble before? Well, in a few years it will probably have recovered again, unless it is even more expensive. I don't even want to say that I like the property tax (neither the old nor the new one). I only explained the internal logic that I suspect behind it.

Then there was probably a bubble before?

Like almost everywhere in Germany. Although calling it a bubble would be an exaggeration. But this year, the correction that everyone already knows but no one can precisely quantify is clearly reflected in the land value reference prices. And it also becomes clear that market participants now have to realize their losses – they slowly appear in the balance sheets or calculations in black and white – in Düsseldorf, the share of the land in the selling prices of condominiums is often 30-40% ==> this lowers the potential selling prices. Banks and appraisers, even with much goodwill, can no longer ignore this.

The current assessment rate is provided to you by the [Gemeinde].