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Homeowners, Renters to Receive Up To $1,500 in New Jersey

ANCHOR Program in New Jersey
ANCHOR Program in New Jersey

Homeowners and renters will be receiving up to $1,500 rebates in New Jersey. These rebates are under the state’s Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) Program.

New Jersey Governor on ANCHOR Program

New Jersey Governor on ANCHOR Program

Homeowners and renters from the state of New Jersey can look forward to receiving up to $1,500 in rebates. These rebates are part of the state government’s Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) Program. The ANCHOR program was approved in 2022 by New Jersey Governor Phil Murphy and the state’s legislature. This program intends to provide rebates to both homeowners and renters of New Jersey.

According to Cariaga, the New Jersey Division of Taxation stated that homeowners with an annual income of less than $150,000 will receive $1,500. Homeowners with an annual income of $150,000 to $250,000 will receive $1,000. On the other hand, renters with an annual income of less than $150,000 will receive $450. The deadline for filing the ANCHOR applications has been extended to February 28. The rebates will be distributed no later than May and will be either through direct deposit or checks.

Previous reports say that New Jersey has one of the highest rates for both income taxes and property taxes in the U.S. Therefore, Murphy initiated the efforts to lessen the tax burdens on the residents of the state.

READ ALSO: 2023 Tax Brackets: What Are They And How To Reduce Taxes

Who is eligible for these rebates?

According to Bradford. to be eligible for the rebates, homeowners must own a house or a condominium and paid property taxes on October 1, 2019. They may also be a resident of a continuing care retirement community or a shareholder of a housing cooperative and paid property taxes.

On the other hand, renters must be renting a mobile home in a mobile home park, a house, a condominium, or an apartment on October 1, 2019. One cannot be an eligible renter if they have resided in a tax-free or funded campus housing.

READ ALSO: Social Security Payments Increase By 8.7%, Says Bank Of America CEO

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