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New Jersey Governor Extends Deadline to Apply for ANCHOR Property Tax Relief Program

Tax Relief
Tax Relief

New Jersey Governor Murphy has extended the deadline to apply for ANCHOR Property Tax Relief Program. Applicants will now have until February 28 to apply for the tax relief.

ANCHOR Program in New Jersey

ANCHOR Program in New Jersey

On January 10, New Jersey Governor Phil Murphy has announced during his State of the State speech that he will be extending the deadline for the ANCHOR program. The program is a property tax relief for homeowners and renters in New Jersey. Due to the extension, applicants will now have until February 28 to apply for the tax relief. Previously, the deadline was extended from December 30 to January 31 only. In 2022, Murphy and other fellow Democrats disclosed the $2 billion ANCHOR program. This program was intended to provide the residents with help amidst the country’s rising property taxes.

According to Johnson, Murphy has signed a $50.6 billion state budget in June 2022 for the program. Around 2 million New Jersey homeowners and renters are expected to profit from the program. To date, around 1.2 million applicants have already applied, 1 million of them are homeowners and 228,000 are renters. Under the program, eligible homeowners who earn up to $150,000 receive $1,500 tax rebates on their property tax bills, while those who earn from $150,000 to $250,000 receive $1,000 tax rebates. On the other hand, eligible renters who earn up to $150,000 receive $450 tax rebates to help offset rent increases. Last year, the average property tax bill was $9,284.

READ ALSO: IRS Continues To Issue Up To $1,232 Tax Refunds To Taxpayers This 2023

Who is eligible for these tax rebates?

According to Johnson, to be eligible for these tax rebates, homeowners and renters must have lived in a primary residence in New Jersey on October 1, 2019. They must have also filed or have been exempted from income taxes. Homeowners and renters can apply online or by physically mailing the application that can be downloaded from the website. Direct deposit payments or checks will start being issued in late spring. The issuance will be made regardless if taxpayers have already filed or the payments are not subject to state or federal income taxes.

READ ALSO: Up To $800 Tax Rebates To Arrive In South Carolina In March

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