New Property Tax Relief Program Comes to the Rescue a State in America

According to the ANCHOR program in New Jersey, residents may be eligible for financial aid through property tax rebates.

ANCHOR, which stands for Affordable New Jersey Communities for Homeowners and Renters, is meant to replace the Homestead Rebate Program and offer aid to both homeowners and renters, rather than just homeowners.

The program was introduced on March 3, 2021, by Governor Phil Murphy’s administration, and the deadline to file an application is January 31, 2023. There are three ways to complete an application: online, by mail, or by phone.

According to the official site of the State of New Jersey, eligibility for the program is based on income and whether the applicant is a homeowner or renter.

Homeowners with an income of $150,000 or less will receive $1,500; homeowners with an income of more than $150,000 and up to $250,000 will receive $1,000; and renters with an income of $150,000 or less will receive $450.

Payments will be issued in the spring of 2023 as either a paper check or a direct deposit. Additional information is available on the New Jersey state website for deceased and divorced homeowners and other specific situations.

New Jersey homeowners who filed a Homestead Benefit application last year can obtain their ID and PIN numbers online, while renters and tenants do not need an ID or PIN number to apply.

According to Governor Phil Murphy in an article published on September 12, 2022, the ANCHOR program will provide “real, tangible property tax relief” and is a step towards making New Jersey a more affordable state.