I put it much higher; anything less than half the tank is really not achieving much. Depends upon the fish species/numbers and live plants of course, but regardless the more water changed the better. Scientific tests have shown that a once weekly change of 70% is far more beneficial and effective than daily changes of 10-20%.
There is no test to determine when a water change is needed, but the failure to do significant weekly changes will show up in tests. Nitrates should remain constant from week to week; if nitrate is at 10 ppm after the water change, and rises to 20 ppm by the following week, you have a problem. Nitrates, like pH, should remain the same from week to week, and the lower the better. Water changes are intended to create stability in the water chemistry. Once you have the biological system in balance, the water should remain stable and the weekly partial water change ensures this.
Nitrate is only one issue, but as it has been mentioned, it should remain as low as possible, and never above 20 ppm. But in addition to nitrate, and a pH fluctuation, there are substances being added to the water daily by fish that cannot be filtered out by filters or plants (given the stocking most of us have in our tanks), only the water changes. Fish are affected by all of these substances.