No one likes paying taxes, but surprise! They are necessary for our public systems to be well supported and for us all to continue to benefit from them. While it is true that paying taxes is already difficult, in New Jersey, property taxes are known to be some of the highest in the country. Many families feel these payments as a great burden that affects, of course, their ability to cover essential needs, so they have launched the ANCHOR program as a solution to this financial pressure that is increasing for New Jersey families. Imagine receiving a check that not only helps pay your taxes, but also frees up resources so you can focus on what is most important: your family.
ANCHOR is not only presented as tax relief, but as a commitment by the state to maintain the economic stability of its residents’ homes. So, if you are a homeowner or renter in New Jersey, this information is of interest to you, for whatever reason…
What is the ANCHOR program?
This program, which stands for Affordable New Jersey Communities for Homeowners and Renters, is attempting to reduce the impact of property taxes on all New Jersey residents, sort of like tax relief that goes directly to renters as well as property owners. Under this program, homeowners can receive between $1,000 and $1,500, while qualified renters can get a check for $450 (but keep in mind that these amounts will vary depending on annual income).
What is the amount established according to income?
There are three payment ranges: the first, for owners whose annual income is less than $150,000, who will receive up to $1,500. The second range will be for owners who generate between $150,000 and $250,000, who will receive up to $1,000. Finally, those who generate more than $250,000 annually will receive assistance of up to $450.
Minimum requirements to apply for ANCHOR
This benefit is not available to everyone, but there are three important requirements that applicants must meet:
- Permanently reside in New Jersey
- Owners must have paid property tax on the home during the corresponding tax year (does not apply to second properties such as vacation homes)
- Tenants must have rented a home in New Jersey and have income less than $150,000
And the best thing of all is that, if you have already qualified for previous years, you will not need to make a new application, but you will be able to renew it automatically. What dates do I have to sign up for?
Applicants who submitted their application before December 6, 2023 will begin receiving their checks starting in December 2024, and will extend through 2025. These checks are sent within 90 days of submitting the application.
This check has a particularity, which is that payments are differentiated by colour codes:
- Owners: will receive a green colour code.
- Renters: will receive a purple colour code.
I haven’t received my payment, what do I do?
Well, if you haven’t received your payment within 90 days, there may have been a problem with your application. Don’t hesitate to contact the New Jersey Department of Revenue so they can better explain what happened with your application and help you if you haven’t received your money within 90 days after filing your application.
Summary of information:
- Payments will arrive starting in December 2024 (and until 2025)
- Key Dates
- Application deadline: December 6, 2023
- Estimated time to receive payment: 90 days after application.
- Maximum amount you can receive: $1500
So, don’t hesitate to apply for this benefit if you meet the requirements, so that paying taxes doesn’t become a torture!