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AMERICAN citizens are being urged to keep an eye out for a special letter in the mail which could land them a free $1,750 cash boost.
Over 1.5 million people are eligible for the money which is being handed out as part of a tax relief program – with people having just days left to see if they’re eligible.
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The boost is being handled by Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) who are offering homeowners cash perks between $1,000 and $1,750.
Renters can also land themselves up to $700 as part of the scheme.
It applies to residents in New Jersey’s ANCHOR property tax relief program.
Applicants over 65 are also expected to pocket an even bigger $250 bonus.
Payments have already started to be distributed on a rolling basis and are expected to continue throughout the month.
The Treasury Division of Taxation will automatically file applications meaning millions have to do nothing but wait.
They have also set up an application process on its website if you want to change any details about your living situation.
The deadline to file an application is November 30.
The popular program provides much-needed relief, helping New Jersey residents manage property tax burdens.
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 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.
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.
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
