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, officially launching the largest property tax relief initiative in New Jersey history.
“We’re grateful to be in a strong fiscal position that made it possible for us to deliver historic property tax relief to more New Jerseyans than ever before,” said State Treasurer Elizabeth Maher Muoio. “Though unprecedented in scope, at its core ANCHOR demonstrates the commitment this Administration made since day one to build a more affordable New Jersey. This program pushes us closer to that goal.”
“We are providing a record level of tax relief to homeowners and renters that will help ease of the burden of property taxes,” said Senate President Nick Scutari. “The support goes directly to residents, helping to make their lives more affordable. I want to thank the Governor, the Assembly Speaker and our legislative colleagues for making this a priority and for fully funding the program.”
Up to $1,500 for homeowners, $450 for renters
“With all levels of state government working together, we envisioned and delivered the boldest property tax relief program in our state’s history and at a time when New Jerseyans need it most,” said Assembly Speaker Craig J. Coughlin. “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. A game-changer for folks who have had to stretch their budgets further and further, the next critical step in receiving these benefits is to ensure you apply.”
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 Dec. 30, 2022.
For more information, visit.nj.gov/treasury/taxation/anchor/ or call the ANCHOR hotline at 1-888-238–1233.
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.