Governor Phil Murphy and State Treasurer Elizabeth Muoio have come up with a plan that will help nearly 1.7 million New Jerseyans with their property taxes. The goal of the ANCHOR Property Tax Relief Program is to assist homeowners and renters who are having trouble paying their property taxes while the COVID-19 pandemic is still going on.
The state’s Homestead Benefit and Senior Freeze programs will help pay for the help. Under the Homestead Benefit program, homeowners who qualify will get a credit on their property tax bills based on how much they paid in property taxes and how much money they made. The Senior Freeze program will pay back property taxes for seniors and people with disabilities who qualify.
On Thursday, June 30, 2022, in Cranford, New Jersey, Democratic Governor Phil Murphy (seated) signs the $50.6 billion budget for the fiscal year 2023. The bill sets aside $2 billion for property tax relief and takes into the new year a surplus of almost $7 billion. (Photo: https://whyy.org/)
Many people in New Jersey who have been having trouble making ends meet because of the pandemic are glad to hear about this ANCHOR Property Tax Relief Program. The relief is expected to give homeowners and renters who have been hit hard by the economic downturn the money help they need. The ANCHOR Property Tax Relief Program is also meant to help the local economy by giving struggling families the money they really need.
More than 1.1 million applications came from homeowners, and more than 480,000 came from renters, according to the administration.
During a budget briefing with reporters this week, administration officials didn’t have a firm date for when payments would be sent, but they did say that checks and deposits would be sent no later than May. They called this time frame “late spring.”
Homeowners with incomes up to $150,000 will get $1,500 in relief, homeowners with incomes over $150,000 and up to $250,000 will get $1,000, and renters with incomes up to $150,000 will get $450.
For homeowners and renters to be eligible for the payment, they must have lived in their main home on October 1, 2019, and have paid or not paid New Jersey income taxes. Officials say that the payments won’t be taxed by the state.
The ANCHOR Property Tax Relief Program’s deadline, which had been pushed back twice, was this past Tuesday.
“Since ANCHOR Property Tax Relief Program started in September, we’ve made it a top priority to make sure every New Jersey taxpayer knows about it,” said Muoio. “We’ve done this through print, TV, and billboard ads, in-person outreach, and social media.” “The huge number of qualified taxpayers who have applied shows how well these efforts have worked. This is a big step forward with our efforts to keep New Jersey affordable for the people who live here.
During last year’s budget process, Assembly Speaker Craig Coughlin, D-19th District, said, “We talked about going bigger and more risky with property tax relief, and we did it.” “By committing with the help of ANCHOR Property Tax Relief Program for a second year, we will forward the message that long-term property tax relief is here.”
The mayor of New Milford, Michael Putrino, where the announcement was made, said that he was happy about ANCHOR Property Tax Relief Program.
“I think it will go a longer way toward making it easier for hardworking homeowners and renters in New Jersey to make tough decisions about their personal budgets,” said Putrino.
Read More:
$2,000 Property Tax Rebates in Montana: See Who is Eligible?
IRS Tax Relief Program: Commercial Clean Vehicle Credits New Guidance Unveiled
New Jersey Property Tax Rebate: See Gov. Murphy’s $53.1B Budget Plan
