NJ ANCHOR Tax Rebate Payments Begin: Key Deadlines Approaching
Some New Jersey residents will begin receiving ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) tax rebate payments starting Monday. Payments will be issued as either a paper check or via direct deposit. Today, September 15th, is a critical deadline for residents seeking to receive their payment via paper check.
Relief Arrives as Property Taxes Rise
As property taxes continue to increase throughout New Jersey, eligible homeowners and renters can look forward to some relief. The ANCHOR program is a state initiative to help offset these rising costs.
Understanding the ANCHOR Program
The ANCHOR program provides property tax relief to New Jersey residents who own or rent their primary residence in the state and meet specific income requirements. This year's benefits are based on residency, income, and age as of 2024.
Payment Details and Timeline
ANCHOR payments will commence on Monday, September 15th, and will continue on a rolling basis. Most applicants will receive their payments within 90 days of application, unless further verification is needed. Those who submitted paper applications will receive paper checks, while online applicants had the option of direct deposit.
Maximum Benefit Amounts
The maximum amount residents can receive through the ANCHOR program is capped at the amount of property taxes paid on their primary residence during the qualifying year. Here's a breakdown of the maximum benefit amounts:
- $1,750 for senior homeowners
- $700 for senior renters
- $450 for renters under 65
- $1,650 for homeowners under 65
Eligibility Requirements: Homeowners
To be eligible as a homeowner, you must meet the following criteria:
- You owned and occupied a home in New Jersey that served as your primary residence on October 1, 2024.
- Your 2024 gross New Jersey income did not exceed $250,000.
- Your home was subject to property taxes.
Eligibility Requirements: Renters
To be eligible as a renter, you must meet the following criteria:
- You rented and occupied a residence in New Jersey that served as your primary residence on Oct. 1, 2024.
- Your 2024 gross New Jersey income did not exceed $150,000.
- You paid rent and your name was on the lease or rental agreement.
- Your rental property was subject to local property taxes.
Critical Deadlines Approaching
The general deadline to apply for the ANCHOR program is October 31st. However, if you wish to receive your payment via paper check, you MUST file your application by September 15th (today!). Today, September 15th is also the deadline for those who received eligibility confirmation letters to update their bank account information.
Checking Your Rebate Status
Applicants can check the status of their rebate online. The New Jersey Department of Treasury also reminds applicants using the online system that they must verify their identity through ID.me. Be prepared to provide your 2024 property tax details (County/Municipality Code, Block/Lot/Qualifier, tax amounts) and gross income reported on your 2024 NJ-1040.
