In the past few weeks, approximately one million New Jersey residents have received property-tax relief benefits through stimulus checks or direct deposits, according to the latest estimates from the state Department of Treasury. For individuals whose applications were automatically processed earlier this year, the most recent distribution of benefits through the state-funded Anchor program commenced on October 12.
Moreover, there is still an opportunity for eligible individuals to apply for the Anchor Rebate in New Jersey 2024. Those meeting criteria related to age, income, and residence status may qualify for Anchor payments of up to USD 1,750. The Treasury authorities have indicated that applications for the latest round of payments will be accepted until December 29.
New Jersey’s stimulus check program ranging from $450 to $1,750
Launched last year by the Governor and backed by a substantial USD 2 billion from the current state budget, the Anchor initiative, officially known as Affordable New Jersey Communities for Homeowners and Renters, differs from the Homestead Benefit by providing benefits through checks or direct deposits rather than direct credits on property-tax bills.
The initial round of Anchor benefits was distributed to eligible renters and homeowners. Presently, homeowners aged 65 and above with an annual income of up to $150,000 can receive benefits totaling $1,750. For homeowners in the same age group earning more than $150,000 but up to $250,000, benefits are now set at $1,250.
Senior citizens who rent and have an annual income of up to $150,000 may now qualify for a $700 benefit. Meanwhile, benefits for homeowners under 65 years of age remain at $1,500 for those earning up to $150,000 annually and $1,000 for those with incomes exceeding $150,000 but not surpassing $250,000. Renters under 65 could still be eligible for a $450 benefit if their annual income is up to $150,000.
Introducing the ANCHOR Program
Governor Phil Murphy unveiled the ANCHOR Property Tax Relief Program, also known as the ANCHOR program, in March 2022, set to be implemented in the fiscal year 2024. The primary objective of this initiative is to enhance the affordability of property taxes by reducing the average property tax bills of many homeowners to levels observed in 2016.
Designed to replace and extend the Homestead Benefit Program, the ANCHOR program expands its reach, providing increased financial support to a broader spectrum of residents, including renters who were previously ineligible. Consequently, this program is poised to assist numerous households that were previously excluded from property tax relief.
To track the status of your ANCHOR refund, applicants can utilize the “Check Benefit Status” feature on anchor.nj.gov. This tool allows individuals to ascertain whether their application is still in the processing stage, if their benefit has been approved, or if they are in the waiting phase for payments. The department estimates that the latest set of payments will benefit nearly 700,000 individuals, with payment amounts corresponding to the tax year 2020. Ranging from USD 450 for renters to USD 1,750 for certain senior homeowners, the payments are designed to provide varying levels of relief.