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A PROPERTY tax relief program has kiccked off as the Treasury Department’s Tax Division began mailing letters to confirm eligibility for 1.5 million residents.
The program offers renters a one-time payment of $450 to $700, while homeowners could receive between $1,000 and $1,750.
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New Jersey’s ANCHOR property tax relief program kicked off on August 19.
If your personal information has changed since your last ANCHOR payment, you’ll need to update it by September 15, 2024.
Payments will be distributed on a rolling basis starting in November.
This popular program provides much-needed relief, helping New Jersey residents manage property tax burdens.
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Now in its third year, ANCHOR continues to support both renters and homeowners based on income and property criteria from the 2021 tax year.
ABOUT THE ANCHOR PROGRAM
The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program offers tax relief to state residents who meet income and residency qualifications.
It’s the largest property tax relief initiative in New Jersey’s history, with $2.1 billion distributed last season.
Homeowners can receive up to $1,750, depending on their 2021 income and age.
Renters can expect payments between $450 and $700 based on income and age.
In addition, renters can file online and do not need an ID or PIN to access.
Payments will begin in November and continue on a rolling basis. If your information hasn’t changed, no action is needed.
However, those with updated details should reapply by November 30, 2024.
The cash will also be issued on a “rolling basis,” according to NJ.gov.
ANCHOR PROGRAM ELIGIBILITY
You are eligible as:
A homeowner if:
- You were a New Jersey resident; and
- You owned and occupied a home in New Jersey that was your principal residence (main home) on October 1, 2021; and
- 2021 property taxes were paid on that home; and
- Your 2021 New Jersey gross income was $250,000 or less.
As a renter:
- You were a New Jersey resident; and
- Your 2021 New Jersey gross income was not more than $150,000; and
- Your name was on the lease or rental agreement; and
- You paid rent; and
- You rented and occupied a residence in New Jersey that was your principal residence (main home) on October 1, 2021; and
- The rental property was subject to local property taxes (see Qualified and Non-Qualified Rental Properties).
Source: NJ Treasury
Applicants can expect the money to be in their mailboxes around 90 days after submitting the application.
The only exception is if the government requests extra information in order to process the claim.
BE WARY OF SCAMS
Taxpayers may need to verify their identity via ID.me to prevent fraud.
Know if you should try ID.me if any of the following applies to you, per NJ.gov:
More information can be found at anchor.nj.gov or by calling the ANCHOR hotline.
Keep an eye out for the green and white letter in your mail to confirm your eligibility for this essential program.
