Over 1.7 million homeowners and renters in New Jersey submitted applications for the first year of the state’s new ANCHOR property tax relief program. Renters, who were qualified for property tax relief for the first time in a generation, submitted more than 480,000 of the applications, out of which more than 1.1 million were submitted by homeowners.
The Homestead Benefit program was replaced with the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) property tax relief program in the Fiscal Year 2023 State budget, increasing the pool of eligible taxpayers. The $2 billion ANCHOR program was fully funded in the FY2023 authorization, despite having been initially planned for a three-year phase-in. In his FY2024 Budget Address, Governor Murphy stated on Tuesday that the program would once more get full funding.
Base on the article published by the Office of New Jersey’s Governor, homeowners and renters who occupied their primary house on October 1, 2019, and who either filed NJ income taxes or were exempt from doing so, are eligible for this year’s benefit. A $1,000 rebate may be available to homeowners who made between $150,000 and $250,000 in 2019, a $1,500 credit may be available to homeowners who made up to $150,000 in 2019, and a $450 rebate may be available to renters who made up to $150,000 in 2019.
Around 74 percent of the $53.1 billion in planned allocations in the FY2024 proposed budget is returned to the communities of New Jersey as Grants-In-Aid and State Assistance. The sixth phase of the K-12 financing formula, which adds $832 million to our top public-school system, is included in this.