Over 800,000 taxpayers in New Jersey will receive direct deposit of their ANCHOR Property Tax Relief rebate payments, with paper checks to be mailed out in batches during the first week of April, according to a report by NJ Spotlight News on March 29th, 2023. This announcement was made by Governor Phil Murphy and Treasurer Elizabeth Maher Muoio. More than 1.7 million New Jersey residents applied for the ANCHOR rebate program, including 1.25 million homeowners and over 514,000 renters. According to NJ.com on March 29th, 2023, the majority of payments will be issued by May 3, 2023, with applications that require extra information potentially taking longer to finish.
ANCHOR property tax relief is a program that updates and expands upon the former Homestead Benefit property tax relief program by extending eligibility to renters for the first time in a generation, as well as increasing the income threshold for eligible homeowners According to a report by ROI-NJ on March 29th, 2023, the program was launched in the Fiscal Year 2023 State budget, and Governor Murphy has suggested continuing the full $2 billion in funding in the following budget for Fiscal Year 2024.
Governor Murphy said that the ANCHOR program is a game changer for residents all over the State, and Treasurer Muoio added that she is pleased that money is going back into the pockets of more New Jerseyans than ever before. Residents who have concerns about not receiving a direct deposit today can check the status of their application and payment on the state’s website.