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NJ ANCHOR program 2024 starts today: Are you eligible for property tax relief?

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Published  August 19, 2024 9:13am EDT
New Jersey
FOX 5 NY

Murphy NJ property tax relief plan

NJ Gov. Phil Murphy announced the ANCHOR Property Tax Relief Program which would expand property tax relief to more home owners and renters.

NEW JERSEY - NJ's ANCHOR property tax relief program is set to start.

JUMP TO: WHAT IS ANCHOR? l TIMELINE l ELIGIBILITY

Beginning on Monday, letters will be mailed to around 1.5 million residents to confirm their eligibility for this season's benefit.

ANCHOR program NJ 2024: What is it?

ANCHOR, which stands for Affordable New Jersey Communities for Homeowners and Renters, "provides property tax relief to New Jersey residents who own or rent property in New Jersey as their principal residence and meet certain income limits."

Over $2.1 billion in benefits were distributed to more than 1.8 million homeowners and renters during last season's program. 

Payments ranged from $450 to $1,500, with applicants over age 65 receiving an additional $250. This season marks the third year.

Timeline: New Jersey ANCHOR program 2024

Beginning today, the Division of Taxation will mail the letters to about 1.5 million taxpayers to notify them that their application will be filed automatically.

"With the goal to reach eligible homeowners and renters who have not previously applied, the Division will send ANCHOR Application Mailers with information on how to apply for the program to over two million residences beginning August 26," the website said.

ANCHOR benefit NJ: Program eligibility 

ANCHOR eligibility is as follows:

  • NJ homeowners with income of $150,000 or less will receive $1,500.
  • NJ homeowners with income of more than $150,000 and up to $250,000 will receive $1,000.
  • NJ residential renters with income of $150,000 or less will receive $450. You must have paid rent to be eligible.

If the personal information listed in the letter has changed since their last ANCHOR payment, taxpayers will need to file a new application by September 15, 2024, by visiting anchor.nj.gov.

In addition, many applicants will need to go through an extra level of identity verification when applying for the ANCHOR benefit this season. Those taxpayers include:

  • New applicants.
  • Anyone searching for their ANCHOR ID/PIN at anchor.nj.gov.
  • Anyone who did not receive an ANCHOR Benefit Confirmation Letter or Application Mailer.
  • Anyone who no longer has their ANCHOR letter/mailer or the information provided on it.

All payments will be issued on a rolling basis beginning in November. The deadline to file an application is November 30, 2024.

For more information, click HERE. You can also call the ANCHOR hotline at 609-826-4282 or 1-888-238-1233.