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NEW Jersey residents are set to receive some much-needed relief from the state’s notoriously high property taxes through the ANCHOR program.
This state program, now in its third year, aims to ease the financial burden for families across the state by offering significant rebates to both homeowners and renters.
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The ANCHOR program, short for Affordable New Jersey Communities for Homeowners and Renters, provides rebates of up to $1,750 to homeowners with annual incomes under $250,000.
Renters earning less than $150,000 are also eligible for rebates up to $700.
“At a time when families are grappling with higher prices at the checkout counter, we are putting more money back into their pockets than ever before,” Governor Phil Murphy said during a speech unveiling the state budget.
“Since it was introduced, the ANCHOR program has effectively lowered property taxes down to levels that, in many cases, our families have not seen in a decade.”
Governor Murphy has championed the program, calling it a “game changer” during an appearance on a local public radio station, WHYY-FM News.
On the station’s show, Ask Governor Murphy, Murphy highlighted how the program effectively rolls back property tax levels by a decade or more, making it a vital support for many New Jerseyans.
In the state budget for 2024, which took effect on July 1, Governor Murphy allocated over $2 billion to ensure the continuation of the ANCHOR program.
Those who participated in the program last spring — approximately 1.3 million property owners and renters — will be automatically re-enrolled for this year.
Rebates are set to be distributed starting in October, either by check or direct deposit.
But perhaps the most crucial feature of the stat program, is that automatic re-enrollment, according to Michael Hayes, an assistant public policy professor at Rutgers University-Camden.
Hayes noted that many residents may not always be aware of the government programs they qualify for or when things may expire.
This makes automatic participation a crucial feature and an effective way to ensure that eligible individuals receive the benefits they are rightfully entitled to.
Starting next week, the state’s Division of Taxation will mail letters to 1.5 million residents to confirm their eligibility for this season’s ANCHOR benefits.
Payments will be issued on a rolling basis beginning in November, with rebates ranging from $450 to $1,750 depending on income and other eligibility criteria.
“At a time when families are grappling with higher prices at the checkout counter, we are putting more money back into their pockets than ever before”
New Jersey Governor Phil Murphy
Last year, some applicants over the age of 65 even received an additional $250.
For those who have not previously applied, or whose information has changed since their last payment, the Division of Taxation has streamlined the application process on its website.
The deadline to file a new application is November 30, with changes needing to be submitted by September 15.
For more information, New Jersey residents can visit the ANCHOR program’s website or call the hotline at 609-826-4282 or 1-888-238-1233.
As the program rolls out, it promises to be a significant relief for homeowners and renters alike, aiming to help offset the state’s steep property taxes and bring financial stability to many households.
