ANCHOR Tax Rebate: Up to $1,500 in New Jersey— See Who Qualifies

Residents of New Jersey will receive up to $1,500 under the ANCHOR Tax Rebate program. Read and find out who qualifies for these tax rebates!

The ANCHOR Tax Rebate program has replaced the Homestead Benefit program in the state of New Jersey. With the Homestead Benefit, only 470,000 homeowners were eligible for the program. However, with the new program, renters are now included to be eligible. Around 1.2 million homeowners are expected to receive up to $1,500, while more than 900,000 renters will receive $450.

According to Weiss, however, residents of New Jersey have only until tomorrow, February 28, to apply for the ANCHOR Tax Rebate program. Reportedly, residents can submit their applications either online, by mail, or by phone.

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Who qualifies for the ANCHOR Tax Rebate program?

An article on the State of New Jersey website states that to be eligible for the ANCHOR Tax Rebate program, an applicant who is a homeowner must have an income of less than $150,000 to receive up to $1,500. On the contrary, homeowners who earn an income of over $150,000 to $250,000 will receive $1,000 only. Renters, on the other hand, will receive $450 if they earn an income of less than $150,000.

An applicant’s eligibility and amount of tax rebates to be received will be based on their income and whether they own or rent a home. Nonetheless, the ANCHOR Tax Rebate will be issued either in direct deposit payments or checks. The distribution will begin in the late Spring of 2023 and no later than May.

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