In recent weeks, Trenton has issued property-tax relief benefits to around one million residents of New Jersey via checks or direct deposits, based on the most recent estimates from the state Department of Treasury. For residents whose applications were automatically filed earlier this year, the latest round of benefits under the state-funded Anchor program began to be distributed on October 12. Additionally, another 200,000 Anchor payments were scheduled to be disbursed in the meanwhile.
Additionally, there is still time to Anchor Rebate in New Jersey 2024 Apply for those who, based on their age, income, and residence status, may be Eligible to receive Anchor payments of up to USD 1,750. Treasury authorities have stated that applications for the most recent batch of payments would be accepted until December 29. Check this page for $450 – $1,750 Anchor Rebate in New Jersey. How to Claim NJ Anchor Rebate.
$450–$1,750 Anchor Rebate in New Jersey
The Anchor initiative was started by Governor last year and is funded with over USD 2 billion from the current state budget. Benefits are paid by check or direct deposit under Anchor, formally known as Affordable New Jersey Communities for Homeowners and Renters, as opposed to the direct credit on property-tax bills that became the signature of the Homestead Benefit.
Eligible renters and homeowners received the first payment of Anchor benefits. Now, homeowners 65 years of age and beyond who earn up to $150,000 a year can now get benefits totaling $1,750. Benefits now amount to $1,250 for homeowners 65 years of age and older who earn more than $150,000 and up to $250,000.
Senior citizens who rent for up to $150,000 may now qualify for $700. Benefits for homeowners under 65 years of age continue to be $1,500 for individuals earning up to $150,000 annually, and $1,000 for those earning above $150,000 and up to $250,000. Renters under 65 might still receive a $450 benefit if they earn up to $150,000 a year.
NJ ANCHOR Benefit 2024 Detail
|Affordable New Jersey Communities for Homeowners and Renters
|New Jersey Government
|First day of application
|12 October, 2023
|Last day of application
|29 December 2023
What is ANCHOR Program?
The ANCHOR Property Tax Relief Program, sometimes known as the ANCHOR program, was introduced by Governor Phil Murphy in March 2022 and is scheduled to go into effect in the 2024 fiscal year. The goal of this initiative is to make property taxes more affordable by bringing many homeowners’ average property tax bills down to levels seen in 2016.
The ANCHOR program replaces and extends the Homestead Benefit Program, giving more money to more residents including renters who were previously ineligible than ever before. Thus, this program can now help a lot of households who were not previously qualified for relief from property taxes.
NJ ANCHOR Benefit 2024 Eligibility
- Homeowners 65 years of age and above who earn up to $150,000 a year can get benefits totaling USD 1,750.
- Benefits total USD 1,250 for homeowners 65 and older who make more than $150,000 and up to $250,000 yearly.
- Renters are entitled for a $450 bonus if their income is up to $150,000.
- Renters 65 years of age and above who earn up to $150,000 annually are now qualified for a $700 NJ ANCHOR Benefit 2024.
NJ ANCHOR Benefit Payment 2024 Amount
The age and income thresholds for the ANCHOR benefit change.
What homeowners can get is as follows:
- USD 1,750 for anyone 65 years of age or older who made $150,000 or less in 2020.
- USD 1,500 for anyone who were 64 years of age or younger in 2020 and made at least $150,00.
- USD 1,000 went to anyone who made up to $250,000 in 2020 and were 64 years of age or younger.
- USD 1,250 for individuals who made up to USD 250,000 in 2020 and were 65 years of age or older.
Renters are qualified for:
- USD 700 in 2020 if they were 65 years of age or older and earned up to USD 150,00.
- USD 450 if they were 64 or younger in 2020 and made at least USD 150,000 annually.
How to Claim Anchor property-tax relief
The most recent round of Anchor property-tax relief benefits, which are provided to New Jersey homeowners and renters via a state-funded program, is now nearing its application deadline. Till now more than 1.5 million citizens, depending on their age and place of residence, have reportedly received Anchor benefits of up to USD 1,750.
Other renters and homeowners who could qualify for the most recent round of Anchor benefits still have time. However, the department set a deadline of December 29 for applications earlier this year, and they must be received by then.
- Renters can file online by visiting anchor.nj.gov
- When you make the choice online, these don’t require an ID or PIN.
- To finish, just fill in the required information and press on submit.
- Now your request for ANCHOR refund 2024 was submitted successfully.
Where is my ANCHOR refund? How to check
Applicants can use the “Check Benefit Status” option on anchor.nj.gov to see whether their application is still being processed or whether their benefit has already been awarded if they are waiting for payments. The department calculated that the most recent batch of payments will benefit almost 700,000 individuals. The payment correspond to tax year 2020 and range from USD 450 for renters to USD 1,750 for some senior homeowners.