By Kevin Jablonski, Senior Associate
New Jersey Homeowners and Renters, did you receive a letter from NJ regarding your 2020 ANCHOR benefit? If so, then congrats! Your application has automatically been filed for the 2020 ANCHOR program. The ANCHOR program was instituted in 2022 to provide NJ residents and renters property tax relief (or rent relief). The relief was based on the status of your home ownership or rental of a home as of October 1, 2019 and has been extended to the 2020 tax year. Additional benefits will be sent out to NJ residents who owned or rented a home as of October 1, 2020. The dollar amount of the benefits will be carried over from the original ANCHOR program:
- 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.
- Residential renters with income of $150,000 or less will receive $450.
Homeowners and renters who are ages 65 and older will now receive an additional $250 on whichever benefit they fall under.
If you received this NJ letter, then your 2019 application has been automatically submitted for the 2020 program. The letter will also contain information on how to change any information regarding your application or re-submit if necessary. If you were automatically enrolled, but need to make changes or update key information, you must file an updated application online by September 30th. Applicants who were not automatically enrolled have until December 29th of this year to get their applications filed. Payments are expected to go out about 90 days following the submission of the application so get your applications in as fast as possible!
Refer to the NJ Division of Taxations website for more information: https://www.state.nj.us/treasury/taxation/anchor/