New Jersey Homeowners, Renters Receive Tax Relief Through ANCHOR Program

New Jersey homeowners and renters since October 1, 2019, will receive tax relief through the state’s newly launched property tax relief program. The ANCHOR program has replaced the Homestead Benefit to double the amount of property tax relief issued to homeowners and provide benefits to renters for the first time in years, says NJ Treasury.

New Jersey ANCHOR Program

The ANCHOR program, also known as Affordable New Jersey Communities for Homeowners and Renters, will issue tax relief of up to $1,500 to eligible homeowners and up to $450 to eligible renters. Applying for the ANCHOR program is extended by one month and will end on January 31, 2023. Payments are scheduled to be settled in the late spring of 2023 and can be paid through direct deposit or paper checks, but not as credits to property tax bills, according to the website of Middlesex County NJ.

Who is eligible for the ANCHOR program?

To be eligible for the ANCHOR program, since October 1, 2019, homeowners must own a house, or own a condominium and have paid property taxes, or be a shareholder of a cooperative housing complex, or be a continuing care retirement community resident and have paid property taxes. One does not qualify to be a homeowner if not liable for paying property taxes or made P.I.L.O.T. (Payments-in-Lieu-of-Tax) payments.

On the other hand, since October 1, 2019, renters must tenants have rented an apartment, condominium, or house, or rented or owned a mobile home situated in a mobile home park. One does not qualify to be a renter if one has lived in tax-free, funded, or campus housing.

Upon joining the ANCHOR program, homeowners and renters must meet certain income limits. Homeowners with incomes of $150,000 or less will receive $1,500 and those with $150,000 to $250,000 will receive $1,000. Renters with incomes of $150,000 or less will receive $450, as reported in an article on the Ewing Township website.