Homeowners and renters in New Jersey will be receiving up to $1,500 one-time payments through the ANCHOR program. This program has replaced the Homestead Benefit to double the property tax rebates for homeowners and provide benefits to renters for the first time in years.
The Affordable New Jersey Communities for Homeowners and Renters, also known as the ANCHOR program will be issuing tax rebates of up to $1,500 to homeowners and up to $450 to renters in New Jersey. Applications for the ANCHOR program were extended by a month and will be ending on January 31 this year. The tax rebates are scheduled to be issued in the late spring and can be received through direct deposit or paper checks, but not as property tax credits, as reported by Bradford.
Who is qualified for the ANCHOR program?
According to Bradford. to be qualified for the ANCHOR program, homeowners must have owned a house, or owned a condominium and have paid property taxes since October 1, 2019. They must also have been a shareholder of a housing cooperative or a resident of a continuing care retirement community and have paid property taxes. One cannot qualify to be an eligible homeowner if they are not liable for property taxes or if they have made P.I.L.O.T. (Payments-in-Lieu-of-Tax) payments.
On the other hand, renters must have rented a mobile home in a mobile home park, an apartment, a condominium, or house since October 1, 2019 to qualify. One cannot qualify to be an eligible renter if they have lived in funded, tax-free, or a campus housing.
Before joining the ANCHOR program, homeowners and renters must meet specific income limits. Homeowners with incomes less than $150,000 will receive $1,500. Those with $150,000 to $250,000 will receive $1,000. On the other hand, renters with incomes of less than $150,000 will receive $450.