New Jersey residents still have the opportunity to apply for property tax relief through the state’s ANCHOR program, but the deadline is fast approaching. Applications must be submitted by October 31, offering homeowners and renters financial assistance who meet specific income and residency criteria.
Under the ANCHOR program, eligible participants can receive significant payments: up to $1,750 for senior homeowners, $1,650 for those under 65 who own a home, $700 for senior renters, and $450 for renters under 65. It’s important to note that the benefit cannot exceed the property taxes paid on a primary residence for the qualifying year.
To qualify for the ANCHOR program, homeowners must have owned and occupied their New Jersey residence by October 1, 2024, while also maintaining a gross income of $250,000 or less for the year. Renters are required to have occupied a taxable rental unit on the same date, paid rent, and have a gross income under $150,000.
Residents can expect to receive their payments within 90 days of application, as payments began rolling out on September 15. Those filing online have the option for direct deposit, while paper filers will receive checks. For those wondering about the status of their payments, they can easily track it online, and assistance is available through the helpline at 1-888-238-1233.
An important point to note is that the prior September 15 deadline has now passed for residents under 65 who are not receiving Social Security disability benefits. These individuals, who received confirmation letters for auto-filed applications, were required to update banking information or request paper checks by that date.
The ANCHOR program, which stands for Affordable New Jersey Communities for Homeowners and Renters, aims to alleviate the financial strain of high property taxes in New Jersey, providing much-needed relief to its residents during challenging economic times. As the deadline approaches, those who are eligible are encouraged to take action to secure their benefits.