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ANCHOR Program: 800,000 Residents Will Receive Tax Rebates in New Jersey

ANCHOR program
800,000 residents will benefit from ANCHOR program in New Jersey. (Photo: CNET)

More than 800,000 New Jersey residents will receive tax rebates under the state’s new ANCHOR tax relief program, which aims to mitigate the impact of soaring property taxes.

ANCHOR Program

800,000 residents will benefit from the ANCHOR program in New Jersey. (Photo: CNET)

ANCHOR Program

The ANCHOR program, which was approved by Governor Phil Murphy and lawmakers as part of the fiscal year 2023 budget, will replace New Jersey’s former property tax relief program, Homestead.

The rebates range from $1,000 for homeowners who earned between $150,000 and $250,000 in 2019, and $1,500 for homeowners who earned up to $150,000 in 2019.

Renters who earned up to $150,000 in 2019 may be eligible for a $450 rebate under the ANCHOR program. Over 1.7 million homeowners and renters applied for rebates, according to the state Division of Taxation.

READ ALSO: ANCHOR Property Tax Relief Program: Highlights Nearly 1.7M New Jerseyan Applicants

Eligibility for ANCHOR Program

To be eligible for the ANCHOR program, applicants must file or be exempt from New Jersey income taxes and must have lived in their primary residences on October 1, 2019. The Murphy administration said the majority of payments will be issued before May 3, 2023, but warned that applications requiring additional information will take longer to finalize.

New Jersey has one of the highest property tax burdens in the country, with homeowners paying an average of $9,112 in property taxes in 2020, up from $8,953 in 2019, according to state data.

The ANCHOR program acknowledges that renters are also affected by rising property taxes, and offers them tax breaks that were not available under the Homestead program.

Governor Murphy said the rebates are part of a broader effort to reduce the state’s high tax burden and cost of living to attract more families and businesses.

He has proposed $2 billion in funding as part of his budget proposal for the next fiscal year to keep the tax rebate program going. Assembly Speaker Craig Coughlin, D-Middlesex, said tax relief is a “priority” for legislative leaders and praised ANCHOR program as the “largest property tax relief program in state history.”

READ ALSO: $1,500 Paycheck For Residents In New Jersey From ANCHOR Program Is Now Open For Applications!

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