Property taxes in New Jersey, need we say more? Wait – we have some GOOD NEWS!
The State is launching its new Affordable NJ Communities for Homeowners and Renters (ANCHOR) program that promises to deliver real, tangible property tax relief to both homeowners and renters in the State. The ANCHOR program was established earlier this year when the New Jersey enacted a record $50.7 billion annual budget. Getting excited? Here’s what you need to know…
Eligibility:
- To be eligible for this year’s benefit, homeowners and renters must have occupied their primary residence on October 1, 2019, and file or be exempt from NJ income taxes.
- Over 870,000 homeowners with incomes up to $150,000 will receive $1,500 in relief; over 290,000 homeowners with incomes between $150-250,000 will receive $1,000; and over 900,000 renters with incomes up to $150,000 will receive $450 to help offset rent increases.
How To Apply:
- 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 administration has set December 30, 2022, as the deadline for filing.
Receipt of Benefits:
- Benefits are scheduled to be provided by the administration via a direct credit on tax bills, a check, or direct deposit no later than May 2023.
More information on the program please visit the State of New Jersey website. https://nj.gov/governor/news/news/562022/approved/20220912b.shtml
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