New Jersey will extend the deadline for submitting an application for property tax relief under the new ANCHOR program by one more month. Gov. Phil Murphy announced the extension during his State of the State speech last Tuesday. The program should help almost two million homeowners and renters in New Jersey (Johnson, 2023).
Homeowners and renters will receive rebates on their property tax bills under a new program. Those making $150,000 to $250,000 will receive $1,000 rebates and $450 checks to help offset rent increases associated with property taxes. The program called ANCHOR will effectively undo years of property tax increases.
Some residents are still waiting to receive ANCHOR checks, which should have been distributed throughout the application process.
To be eligible for the ANCHOR benefit, homeowners and renters must have occupied their primary residence as of October 1, 2019, to file income taxes in New Jersey, or be exempt from doing so.
The state’s Division of Taxation has included a list of frequently asked questions on the ANCHOR website as well as a hotline for those interested in applying. Checks or direct deposits will begin to be sent in late spring, regardless of when individuals file and payments are not subject to federal or state income tax.