New Jersey residents can receive up to $1,750 in property tax relief through the ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) program. Payments will begin in December 2024. Here’s everything you need to know about eligibility, how to apply, and when to expect your payment.
What Is the ANCHOR Program?
The ANCHOR program, aimed at providing property tax relief, is a New Jersey state initiative designed to support homeowners and renters. Unlike federal stimulus checks, this program specifically addresses New Jersey’s high property taxes, benefiting those struggling with rising housing costs. This initiative replaces the former Homestead Rebate system and expands its reach to include renters, a first for New Jersey’s property tax relief programs.
Who Is Eligible for the $1,750 Stimulus?
For Homeowners:
- Income up to $150,000: Eligible for a $1,500 payment.
- Income between $150,001 and $250,000: Eligible for a $1,000 payment.
- To qualify, homeowners must have owned and occupied their residence on October 1, 2023.
For Renters:
- Income up to $150,000: Eligible for a $450 payment.
- Renters must have lived in New Jersey as of October 1, 2023.
How Much Can You Expect to Receive?
- Homeowners: If your income is below $150,000, expect $1,500. If your income is between $150,001 and $250,000, expect $1,000.
- Renters: Renters with incomes of $150,000 or less will receive $450.
How to Apply for the ANCHOR Program
The application deadline for the 2024 payment cycle closed on November 30, 2024. If you submitted your application before the deadline, the state will now verify your income and residency. Keep any confirmation you received when applying as proof.
Payments will begin in December 2024 and will be distributed throughout early 2025. If you provided bank details, your payment will be sent via direct deposit, which is faster than receiving a check by mail.
Missed the Deadline? Here’s What You Can Do
If you missed the November 30, 2024, deadline, keep an eye out for announcements regarding future application periods. Typically, New Jersey rolls out similar programs annually, so there could be opportunities for relief in 2025.
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Payment Distribution Timeline
- Direct Deposit: Payments will be sent directly to your bank account if you provided those details.
- Paper Checks: If you did not provide bank details, a check will be mailed to the address the state has on record. Payments will be issued on a rolling basis starting in December 2024, with most recipients receiving their payment by February 2025.
Examples of How the ANCHOR Program Helps Residents
Homeowners:
John and Sarah, a married couple earning $140,000 annually, qualify for $1,500. Their property tax bill is $9,000, so this payment will cover about 16.7% of their tax expenses.
Renters:
Maria, a single renter making $50,000 annually, will receive $450. While this payment may not cover all her expenses, it will help her offset the increasing cost of utilities during the colder months.
Tips to Maximize Your Benefits
- Ensure Your Tax Information is Accurate: Make sure your income and residency records are up to date in the state’s system.
- Track Your Payment: Check the ANCHOR portal for updates on the status of your payment.
- Plan for Next Year: If you missed this cycle, mark your calendar for the next round of applications.
- Get Help: If you’re unsure about your eligibility or need help applying, consult a local tax advisor.
Answers to Common Questions
- Can I still apply for the payment?
- No, the deadline for applying was November 30, 2024.
- When will I receive my payment?
- Payments will begin rolling out in December 2024 and continue into early 2025.
- Are renters eligible for this program?
- Yes, renters with incomes up to $150,000 can receive $450.
- How do I track my payment?
- Use the ANCHOR portal to check the status of your payment.
- What if there’s a delay in my payment?
- If there are delays, contact the New Jersey Division of Taxation’s helpline for assistance.
The ANCHOR program offers significant financial relief to New Jersey residents, helping both homeowners and renters manage the burden of high property taxes. If you qualify, be sure to take advantage of this opportunity to reduce your housing costs.