Instructions on how to file for the new Affordable NJ Communities for Homeowners and Renters (ANCHOR) program have started being mailed out today to eligible residents.
“The ANCHOR program will deliver real, tangible property tax relief to both homeowners and renters, a historic step toward making New Jersey a more affordable state,” Governor Murphy aid in a statement.
“By working closely with the Senate President and the Speaker we were able to fully fund the program in its first year, allowing us to provide direct relief to over 1 million homeowners and 900,000 renters. I am incredibly proud of this program and encourage all eligible residents to apply.”
“With up to $1,500 in property tax rebates available to homeowners and $450 for renters, we prioritized tax relief for two million households to get money back in their pocket,” Assembly Speaker Craig Coughlin said.
Under the ANCHOR program, both the size of the benefit and the number of eligible applicants will increase substantially, compared to the previous Homestead Benefit (which ANCHOR is replacing), including double the amount of homeowners and nearly a million renters 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 between $150-250,000 will receive $1,000; and over 900,000 renters with incomes up to $150,000 will receive $450 to help offset rent increases.
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.
Payments will be issued in the form of checks or direct deposits and sent no later than May 2023 to allow time for application processing and validation. Payments will not be subject to federal or State income tax.
Eligible homeowners can apply online, by phone, or via paper application, which can be downloaded online and returned by mail. Renters 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).
The deadline for filing is December 30, 2022.
For more information, visit.nj.gov/treasury/
The Division of Taxation will also be hosting a webinar on Wednesday, September 14, covering ANCHOR and other available State property tax relief programs, including eligibility requirements, benefit amounts, and how to apply.
Anyone interested must register in advance here.