Instructions on how to file for the new Affordable NJ Communities for Homeowners and Renters (ANCHOR) program are being mailed to eligible residents, officially launching the largest property tax relief initiative in New Jersey history.
“The ANCHOR program will deliver real, tangible property tax relief to homeowners and renters, a historic step toward making New Jersey a more affordable state,” Gov. Phil Murphy was quoted as saying in a Sept. 12 press release from his office.
“By working closely with the Senate President and the Assembly Speaker, we were able to fully fund the program in its first year, allowing us to provide direct relief to over 1 million homeowners and 900,000 renters. I am incredibly proud of this program and encourage all eligible residents to apply,” Murphy said.
“We are 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,” New Jersey Treasurer Elizabeth Maher Muoio said.
“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,” Muoio said.
“We are providing a record level of tax relief to homeowners and renters that will help ease the burden of property taxes,” Senate President Nick Scutari said. “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.”
“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,” Assembly Speaker Craig J. Coughlin said.
“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,” Coughlin said.
Under the ANCHOR program, 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, according to the press release.
More than 870,000 homeowners with incomes up to $150,000 will receive $1,500 in relief; more than 290,000 homeowners with incomes between $150,000 and $250,000 will receive $1,000 in relief; and more than 900,000 renters with incomes up to $150,000 will receive $450 in relief to help offset rent increases, according to the press release.
To be eligible for this year’s benefit, homeowners and renters must have occupied their primary residence on Oct. 1, 2019 and file or be exempt from New Jersey 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, according to the press release.
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.