ANCHOR season begins soon: Homeowners and renters in NJ to receive automatic payments up to $1,750 (2024)

What to Know

  • The popular ANCHOR property tax relief program will officially kick off Aug. 19, when the Treasury Department's Tax Division will begin mailing letters to about 1.5 million New Jerseyans to confirm their automatic eligibility for this season's benefit
  • The program gives renters a one-time payment from $450 to $700 and homeowners a payment from $1,000 to $1,750
  • All payments will be issued on a rolling basis beginning in November

If you are a New Jersey resident, you want to pay extra attention to your mail starting Monday.

That's when the popular ANCHOR property tax relief program officially kicks off. The Treasury Department's Tax Division will begin mailing letters to about 1.5 million New Jerseyans to confirm their automatic eligibility for this season's benefit.

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The program gives renters a one-time payment from $450 to $700 and homeowners a payment from $1,000 to $1,750.

If the personal information listed in the letter (name, mailing address, and banking information if their benefit was distributed via direct deposit) has changed since their last ANCHOR payment, taxpayers will need to file a new application by September 15, 2024.

"The ANCHOR program continues to deliver on our promise of increasing affordability for millions of New Jerseyans. I'd like to thank the hardworking staff at the Department of the Treasury, particularly the Division of Taxation, for their efforts to make this crucial program convenient and accessible," said Gov. Phil Murphy.

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Last season's program covering the 2020 tax year made history as the state's single largest property tax relief initiative, with over $2.1 billion in benefits distributed to more than 1.8 million homeowners and renters.

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Here's what you need to know about the program this season.

What is Affordable New Jersey Communities for Homeowners and Renters (ANCHOR)?

This program provides property tax relief to New Jersey residents who own or rent property in New Jersey as their principal residence and meet certain income limits.

This season marks the third year the State will distribute ANCHOR benefits.

How much is the payment?

Homeowners

2021 Gross Income (NJ-1040 Line 29)In 2021, age 64 or youngerIn 2021, age 65 or older
$150,000 or less$1,500$1,750
$150,001 - $250,000$1,000$1,250

Renters

Age in 202164 or younger65 or older
Benefit Amount$450$700
When will I receive my ANCHOR benefit?

All payments will be issued on a rolling basis beginning in November.

How can I apply for this benefit?

Homeowners

  • Eligibility
    • New Jersey homeowners who meet the requirements based on 2021 residency, income, and age, are eligible for an ANCHOR homeowner benefit if:
      • You were a New Jersey resident; and
      • You owned and occupied a home in New Jersey that was your principal residence (main home) on October 1, 2021; and
      • 2021 property taxes were paid on that home; and
      • Your 2021 New Jersey gross income was $250,000 or less.
  • When is the deadline?
    • Allapplicants haveuntilSaturday,Nov. 30, 2024, to file applications.
  • Where can I apply?
    • Most homeowners mayfile onlinewith anidentification number (ID), PIN, and Passcode, or by using the ID.me verification function. However, if you bought your home in 2021, altered your deed, or had certain life changes such as a divorce or death of a spouse, you must file using the Special Circumstance Application.

Renter

  • Eligibility
    • New Jersey renters who meet the requirements based on 2021 residency, income, and age, are eligible for an ANCHOR renter benefit if:
      • You were a New Jersey resident; and.
      • Your 2021 New Jersey gross income was not more than $150,000; and
      • Your name was on the lease or rental agreement; and
      • You paid rent; and
      • You rented and occupied a residence in New Jersey that was your principal residence (main home) on October 1, 2021; and
      • The rental property was subject to local property taxes (see Qualified and Non-Qualified Rental Properties).
  • When is the deadline?
    • Allapplicants haveuntilSaturday,November 30, 2024, to file applications.
  • Where can I apply?
When is the deadline to apply?

The deadline to apply is Nov. 30, 2024.

The Division will send ANCHOR Application Mailers with information on how to apply for the program to over two million residences beginning August 26.

What are the options to send the application?

The Division of Taxation continues to improve the process to make applying for the ANCHOR program more convenient and accessible. New this season, the Division has effectively eliminated the necessity for paper applications and launched a new online application for residents required to provide supporting documentation, who would have otherwise needed to file by paper in past ANCHOR seasons.

These applicants will now be able to securely upload their documents online. Paper applications remain available for those who prefer, or have special circumstances.

How to prevent scams?

As part of ongoing efforts to prevent fraud and safeguard taxpayer dollars, many applicants will need to go through an extra level of identity verification when applying for the ANCHOR benefit this season. Those taxpayers include:

  • New applicants;
  • Anyone searching for their ANCHOR ID/PIN at anchor.nj.gov;
  • Anyone who did not receive an ANCHOR Benefit Confirmation Letter or Application Mailer;
  • Anyone who no longer has their ANCHOR letter/mailer or the information provided on it.

In these cases, taxpayers will be prompted to create or use an existing ID.me account to verify their identity. Applicants also have the option of visiting one of the Division of Taxation's Regional Information Centers to verify their identity by showing a driver's license, passport, or other qualifying material. Additional information will be provided at anchor.nj.gov.

Where can I find more information?

The Division of Taxation has doubled the number of agents available to assist callers to the ANCHOR hotline, as well as implemented an automatic callback feature, allowing residents to be placed in a queue rather than waiting on hold.

Information about the program is available at anchor.nj.gov. Applicants may also call the ANCHOR hotline(609) 826-4282or1-888-238-1233, or get in-person assistance at aRegional Information Center.

ANCHOR season begins soon: Homeowners and renters in NJ to receive automatic payments up to $1,750 (2024)

FAQs

How much do renters get from the Anchor Program in NJ? ›

He said this year's ANCHOR payments are unchanged and are based on the 2021 tax year. Renters will receive $450, and homeowners will get $1,000 or $1,500, depending on income, he said.

Will there be an anchor benefit in 2024 in NJ? ›

In late-August 2024, we will send out mail with instructions on how to apply for the ANCHOR Benefit to homeowners and tenants.

When can I expect my NJ rebate check? ›

Most applicants can expect to receive their payment approximately 90 days after filing the application, unless we request additional information to process your claim.

Who is eligible for the renters rebate in NJ? ›

Who is eligible for the ANCHOR program? NJ residential renters with income of $150,000 or less will receive $450. You must have paid rent to be eligible. NJ homeowners with income of $150,000 or less will receive $1,500.

At what age do seniors stop paying property taxes in NJ? ›

Age/Disability

You (or your spouse/civil union partner) were: 65 or older as of December 31, 2022; or. Actually receiving federal Social Security disability benefit payments (not benefit payments received on behalf of someone else) on or before December 31, 2022, and on or before December 31, 2023.

Is NJ giving out stimulus checks in 2024? ›

In exciting news for residents of New Jersey, a new stimulus check of $1,500 is set to be distributed on January 10, 2024. This comes as part of the ANCHOR Tax Relief Program 2024, aimed at providing financial assistance to individuals who meet specific income, residence, and homeownership criteria.

Did NJ extend the anchor program? ›

Governor Murphy and the State Legislature have extended the ANCHOR filing deadline to February 28th, 2023. Don't wait! Start your application by going to the New Jersey Department of the Treasury website.

How do I check my NJ anchor status? ›

To check the status of your ANCHOR benefit payment, please go to the Division of Taxation website and use the online status inquiry tool.

How is NJ anchor program calculated? ›

The benefit is calculated using your 2021 New Jersey gross income and cannot exceed the amount of property taxes paid. If your 2021 gross income exceeded $250,000, you are not eligible. For 2021, applicants who were age 65 or older by December 31, 2021, will receive an additional $250.

When did the NJ Anchor program start? ›

"Since the launch of the program in 2022, ANCHOR has grown to be one of the most impactful property tax relief initiatives in New Jersey's history," said State Treasurer Elizabeth Maher Muoio.

What is the anchor program in NJ 2025? ›

ANCHOR and Stay NJ: The ANCHOR program is set to receive $2.2 billion to fund the tax relief program, providing up to $1,750 to 1.3 million homeowners and up to $700 to over 700,000 renters to help offset property taxes. The Stay NJ Property Tax Credit Program is allocated $220 million for the SFY2025 Budget.

Who gets the NJ $500 check? ›

Couples with income below $150,000 and at least one dependent child and individuals with income below $75,000 and at least one dependent child are slated to receive income tax rebates of up to $500, under the $46.4 billion budget signed by Gov. Phil Murphy on Tuesday.

Who is getting the $1/500 stimulus check? ›

Single people making less than $75,000, heads of household making less than $112,500, and married couples filing jointly making less than $150,000 qualify for stimulus checks.

Is New Jersey getting a 4th stimulus check? ›

Here's all you need to know. The state Legislature is voting this week on a $46.4 billion state budget that will pave the way for tax rebates of up to $500 for more than 760,000 households in New Jersey.

What is an anchor tenant? ›

An anchor tenant is a large and well-known business that occupies a significant amount of space in a commercial real estate property. This type of tenant is often the first tenant to sign a lease agreement with a developer or landlord, and is crucial to the success of the property.

Is NJ anchor benefit real? ›

New Jersey residents have been eagerly awaiting their ANCHOR property tax benefit. The benefits, which are for the 2021 tax year, will pay up to $1,500 to homeowners and $450 for renters, with senior homeowners and renters getting an extra $250.

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