The residents of New Jersey should be excited to know that on January 10, 2024, a $1,500 stimulus check will be given out. Residents of New Jersey who fulfill specific income requirements who own or rent real estate in the state as their primary residence are eligible for property tax reduction under the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR). The program aims to reduce the financial strain that many New Jersey residents experience as a result of their high cost of living, especially when it comes to property taxes.
For the 2019 Tax Year, New Jersey has extended the eligibility for property tax relief under the new Property Tax Relief Program, which has replaced the Homestead Benefit program. A significant portion of homeowners and renters will profit from the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) Property Tax Relief Program. So check this page for New Jersey ANCHOR $1,500 Benefit 2024 Payment Date and Who is Eligible for $1,500 in USA?
First Wave of Stimulus Checks Coming on 10 January 2024
Property owners who pay property taxes on their primary residence in NJ, either directly or via site fees and who are 65 years of age or older, as well as those who receive FSS disability benefits, fall under this category. Applicants must fulfill specific income requirements, have resided in the residence for which reimbursement is being requested for the past three years, and have been residents of New Jersey for at least ten years.
The standards for the base year, the year the applicant first became eligible and the reimbursement year must both be satisfied by the applicant. For residents of New Jersey who satisfied the income requirements and owned or rented their principal dwelling (main home) as of October 1, 2019, this program offers relief from property taxes. You could be qualified for a New Jersey ANCHOR $1,500 payment if you match the conditions.
New Jersey ANCHOR $1,500 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
|10 January 2024
Who is Eligible for $1,500 in USA?
In order to qualify, an individual must have earned less than $250,000 (for homeowners) or $150,000 (for renters) in 2019 and have had their principal residence in New Jersey (the application inquires as to the resident’s address as of October 1, 2019). Following is how the benefit will be paid:
- Renters making $150,000 or less in 2019 will receive a $450 benefit.
- The $1,500 bonus is available to homeowners who earned $150,000 or less in 2019.
- A $1,000 reward to homeowners who earned up to $250,000 in 2019 and more than $150,000 in 2018.
NJ ANCHOR Program 2024 Here’s What to Expect
Renters and homeowners in New Jersey, if you have received a letter from NJ regarding your ANCHOR benefit 2024 then congratulations. For the ANCHOR program, your application has already been submitted automatically. In order to give property tax relief (or rent reduction) to citizens of New Jersey who rent, the ANCHOR program was established in 2022.
The reduction, which has been extended to the 2020 tax year, was determined by your home ownership or rental status as of October 1, 2019. Residents of New Jersey who were homeowners or renters as of October 1, 2020, would receive additional benefits. The benefits’ monetary value will be carried over from the first ANCHOR program:
- $1,500 will be given to NJ homeowners who make $150,000 or less annually.
- NJ homeowners will earn $1,000 if their income is greater than $150,000 and up to $250,000.
- Residents who rent a home for $150,000 or less will get $450.
- Seniors 65 years of age and above who are homeowners or renters will now earn an extra $250 on whichever benefit they qualify for.
New Jersey Anchor Rebate 2024 Payment
Your 2019 application for the 2020 program has already been automatically submitted if you received the mail from NJ. You will find instructions in the message on how to update any information on your application or submit it again if needed. You had time to submit an amended online application if you were enrolled automatically but need to make adjustments or update important information. Those who were not enrolled automatically had until 29 December 2023, to submit their applications.
Applications must have submitted as soon as feasible because payments are anticipated to be made about 90 days after submission. As the deadline to submit the application has been over and now you can wait for the New Jersey Anchor Rebate 2024 Payment which will be arrived on 10 January 2024.