NEW JERSEY – About 1.7 million New Jersey homeowners and renters have applied for the state’s ANCHOR property tax relief program which offers rebates of up to $1,500 to owners and $450 to renters , Governor Phil Murphy said.
Among the applications, more than 1.1 million were filed by owners and more than 480,000 by tenants who qualified for property tax relief for the first time in a generation.
“My administration has once again responded to the concerns of working families, not by offering empty words and promises, but by delivering on the promise of affordability and lower property taxes,” Governor Murphy said. “Thanks to the historic and unprecedented ANCHOR program, nearly 1.7 million additional New Jerseyans are now better positioned to pursue their own American dream, a quest that has too often been hampered by the high cost of living and limited access at an affordable price”.
The New Jersey Affordable Communities Property Tax Relief Program for Homeowners and Renters (ANCHOR) was announced in the FY 2023 state budget, replacing the Homestead Benefit program and increasing the number taxpayers eligible for reimbursement. Although originally slated for a three-year phase-in, the $2 billion ANCHOR program was fully funded in Fiscal Year 2023 appropriations. Governor Murphy announced in his budget speech on Tuesday the 2024 that the program would once again be fully funded.
To qualify for this year’s benefit, homeowners and renters must have occupied their principal residence on October 1, 2019 and be filing or exempt from New Jersey income tax. The deadline to apply for the program was February 28 after being extended twice.
How will the refund payment be made and when will it be received?
Payments will be issued as checks or direct deposits sent no later than May 2023 and will not be subject to state income tax.
How much money would you receive?
- Owners with an income of $150,000 or less will receive $1,500.
- Owners with income over $150,000 and up to $250,000 will receive $1,000.
- Tenants with an income of $150,000 or less will receive $450.
Where can I find more information?
More information on the ANCHOR program here.