“This is money going right back into the pockets of roughly two million New Jersey middle-class and working homeowners, seniors, and tenants – households in which well more than half of all of our residents live. For more than a million homeowners, ANCHOR’s direct relief will effectively undo years of property tax increases – even up to a decade’s worth. And for nearly one million renters, ANCHOR’s tenant relief will cushion rent hikes,” said Governor Murphy. “Today, working with the Senate President, Speaker, and Treasurer, I am proud to give every eligible New Jerseyan an extra month to apply.”
“The response to the ANCHOR program has been outstanding, and I am very glad we can extend the deadline so even more New Jerseyans can take advantage of this game-changing program,” said State Treasurer Elizabeth Maher Muoio. “There are still thousands of renters and homeowners out there who haven’t been eligible for property tax relief for nearly a generation who can apply and receive the rebate. We want to make sure we provide every chance for people to get their applications in and get the relief they deserve.”
“I’m proud to work with the Murphy Administration to extend the qualifying deadline for the ANCHOR program,” said Senate President Scutari. “We want to ensure that everyone who qualifies has the opportunity to take advantage of the property tax relief it offers. This is direct financial support that will help make the lives of homeowners and renters more affordable and provide a boost to the economy.”
“Affordability is a top concern for New Jersey residents and property taxes create a significant financial burden for working and middle-class families across the state. The ANCHOR program aims to deliver meaningful property tax relief to two million New Jersey households, and we must ensure homeowners and renters who need relief are able to take advantage of the program,” said Assembly Speaker Coughlin. “Further extending the ANCHOR deadline will provide eligible taxpayers with the opportunity to claim their property tax relief, ensuring New Jersey families see money back in their pockets.”
Under the ANCHOR program, both the size of the benefit and the number of eligible applicants has increased substantially, compared to the previous Homestead Benefit (which ANCHOR is replacing), including double the amount of homeowners and nearly a million tenants who had not been eligible for property tax relief in recent years.
Over 870,000 homeowners with incomes up to $150,000 will receive $1,500 in relief; over 290,000 homeowners with incomes over $150,000 and up to $250,000 will receive $1,000; and over 900,000 renters with incomes up to $150,000 will receive $450 to help offset rent increases.
All payments will begin going out in late spring, regardless of when taxpayers file. Payments will be issued in the form of checks or direct deposits and are not subject to federal or State income tax.
To be eligible for this year’s benefit, homeowners and renters must have occupied their primary residence on October 1, 2019 and file or be exempt from NJ income taxes.
Eligible homeowners can apply online, by phone, or via paper application, which can be downloaded online and returned by mail. Tenants can apply online, or download the application from the Taxation website and return by mail (there is no phone option for tenants, as this is the first time this group will be eligible for property tax relief).
Applicants are encouraged to consult the detailed information posted on the Division of Taxation’s website, including an extensive list of Frequently Asked Questions, before calling the ANCHOR hotline. For more information, visit nj.gov/treasury/