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Time is almost up for New Jersey residents seeking to take advantage of a property tax relief program first rolled out in Gov. Phil Murphy's 2022 budget address.
Homeowners and renters have until Tuesday, Feb. 28, to apply for the ANCHOR tax relief program.
Murphy announced the application extension during his annual State of the State address last month.
“For more than a million homeowners, ANCHOR’s direct relief will effectively undo years of property tax increases — even up to a decade’s worth. And for nearly 1 million renters, ANCHOR’s tenant relief will cushion rent hikes,” Murphy said in a statement.
Who's eligible?
The program is open to homeowners and renters who lived in their primary residences on Oct. 1, 2019. To be eligible, applicants must file or be exempt from New Jersey income taxes.
The program replaces the Homestead Benefit. More than 870,000 homeowners with incomes up to $150,000 will be eligible to receive $1,500 in relief; more than 290,000 homeowners with incomes over $150,000 and up to $250,000 will be eligible to receive $1,000; and more than 900,000 renters with incomes up to $150,000 will be eligible to receive $450 to help offset rent increases.
How to apply
Applications for homeowners are available online, by phone or with a paper form, which can be downloaded online and returned by mail. Renters can apply online or download the application from the website and return it by mail. Renters do not have a phone option.
More information is available by calling the ANCHOR hotline at 888-238-1233 or by visiting nj.gov/treasury/taxation/anchor online.
How payment will work
Payments are expected to be issued in late spring regardless of the applicant's filing date. They will be issued in the form of checks or direct deposits and are not subject to federal or state income tax.
The deadline was initially Dec. 31 and was extended to Jan. 31 in November. At that time it was also opened to renters, who were previously ineligible due to local payment in lieu of taxes, or PILOT, programs.
The state treasury’s Division of Taxation is also accepting proposals for the campaign to “increase general awareness of the new program, make sure tenants know they are eligible and make taxpayers aware of the new changes.”
Katie Sobko covers the New Jersey Statehouse.
Email: sobko@northjersey.com
