Many New Jersey residents are set to get a rebate payment this week as part of the ANCHOR Tax Relief Program 2024. The New Jersey Anchor Rebate payment offers tax relief to residents who own or rent property in the state. Eligible homeowners and renters can get up to $1,500 in a New Jersey Anchor Rebate payment.
ANCHOR program: what makes it special?
Many New Jersey homeowners and renters struggle to keep up with the high cost of living in the state, especially regarding property taxes. Thus, the state government initiated the ANCHOR (Affordable NJ Communities for Homeowners and Renters) program to help residents reduce this financial burden.
New Jersey’s ANCHOR Tax Relief Program offers rebate payments to residents who meet specific age, residency, income, and homeownership criteria. Those who owned a house in 2020 and had an income of $150,000 or less qualify for a rebate of $1,500.
Similarly, those with a combined income between $150,001 and $250,000 will get $1,000 in rebate payments. Renters with income of $150,000 or less on their 2020 tax return can expect a rebate payment of $450. Homeowners and renters aged 65 and older can expect an even higher amount.
It must be noted that you don’t need to be a current New Jersey resident to get the rebate; rather, you must have owned and occupied a home in the state as your principal residence on Oct. 1, 2020. Those who moved out of the state after Oct. 1, 2020 are eligible for the relief if they met the other 2020 program qualifications.
What makes this program different from other homeowner relief programs is that it not only offers relief to traditional homeowners but covers those living in unique living situations as well, such as those undergoing significant life changes (marriage or the loss of a spouse), or those in assisted living facilities.
Another point that makes this program special is that it offers relief to homeowners and renters without any age restrictions or prerequisites.
New Jersey Anchor Rebate payment: when to expect it
New Jersey started accepting applications for the program on Oct. 12, 2023, while the last date to apply was Dec. 29, 2023. Payments were issued on a rolling basis, with most applicants to receive a payment about 90 days after filing the application.
The last batch of payments is expected to go out this month. The program’s website says that the payments are expected to be released in “several large batches of ANCHOR benefits starting January 2, 2024.”
Further, the website informs that all benefits are expected to go out by Jan. 12, 2024. So, those who don’t receive the New Jersey Anchor Rebate payment by January 12, should contact the state Treasury Department at the ANCHOR hotline (609-826-4282 or 1-888-238-1233).
Eligible residents will get the rebate payment either by paper check or direct deposit, depending on the option they selected during the filing process.
