Anchor Program NJ: Status, Eligibility, & Application Process

Are you a New Jersey resident looking to learn about the Anchor Tax Rebate program? Look no further. In this article, we'll provide all the information you need to know about eligibility, the application process, and the benefits you may be entitled to receive.

The New Jersey Anchor Program was designed to provide property tax relief for both homeowners and renters. For homeowners, eligibility requires New Jersey residency, ownership and occupancy of a primary residence on October 1, 2020, payment of 2020 property taxes, and a gross New Jersey taxable income below $250,000. Renters must also be New Jersey residents, have a 2020 New Jersey gross taxable income below $150,000, have their name on the lease or rental agreement, and be up to date on their rent.

The benefits are categorized into different tiers based on income and age. Homeowners and renters with incomes of $150,000 or less and who were 64 and younger in 2020 can expect a benefit of $500 and $450, respectively. For those 65 years and older, the benefits increase to $1750 for homeowners and $2700 for renters.

The application process is simple and can be completed online. The deadline for application is December 29, 2023, and payments are usually issued 90 days after applying, either via a check or direct deposit.

So, whether you're a homeowner or renter, be sure to check your eligibility and apply before the deadline to take advantage of the New Jersey Anchor Tax Rebate. For a direct link to the application or assistance with the process, feel free to get in touch.

We hope you found this information valuable. If you have more questions, don't hesitate to reach out. Thanks for reading and have a great day!