The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program, a cornerstone of New Jersey's efforts to provide property tax relief, is gearing up for its 2024 distribution. This year, the program promises to deliver significant benefits to over 1.5 million New Jersey residents, with the potential for an additional 2 million to be eligible.
Eligibility Requirements
To qualify for the ANCHOR benefit, residents must meet specific criteria. Homeowners and renters must have been New Jersey residents since October 1, 2021, and their 2021 gross income must not have exceeded $250,000 for homeowners and $150,000 for renters. Additionally, they must have owned or rented their main home since October 1, 2021, and paid the 2021 property taxes on the home or had their rental subject to property taxes.
For renters, their name must have been on the lease, and they must have paid the rent. These eligibility requirements are based on data from 2021, ensuring that those who qualified previously will automatically be enrolled for this years filing season unless their personal information has changed.
Application and Payment Process
The New Jersey Division of Taxation has streamlined the application process significantly. For about 1.5 million eligible homeowners and renters who previously received ANCHOR benefits, applications will be filed automatically. These individuals received confirmation letters in August, which listed their personal information from the last ANCHOR payment. If any of this information has changed (such as mailing address or banking details), they must submit a new application by September 15, 2024.
For those who have not previously applied but are eligible, the deadline to submit an application is November 30, 2024. Applicants can file online or use paper applications if preferred or necessary due to special circumstances. The state has also implemented an extra level of identity verification using the ID.me system to prevent fraud and safeguard taxpayer dollars.
Payments will be issued on a rolling basis starting in early October and continuing thereafter. Residents can check the status of their benefit using a passcode provided on their application mailer or by verifying their identity through ID.me.
Payment Amounts
The amount of the ANCHOR payment varies based on income and age. Homeowners with a gross income of $150,000 or less will receive $1,500, while those with incomes between $150,000 and $250,000 will receive $1,000. Renters will receive $450. Additionally, residents aged 65 or older will receive a bonus of $250 on top of their applicable payment.
Preventing Fraud and Scams
The Division of Taxation has warned residents about potential scams. The state will never ask for personal information via text or email regarding the ANCHOR benefit. Residents are advised to contact the Division directly before sharing any personal details in response to messages claiming to be about the ANCHOR program.
For more information and assistance, residents can call the ANCHOR hotline at (609) 826-4282 or 1-888-238-1233, or visit one of the states Regional Information Centers in person.
The ANCHOR program has been a significant initiative in making New Jersey more affordable for its residents. Since its launch in 2022, it has provided billions in property tax relief to millions of homeowners and renters, easing the financial burdens and making the state a more affordable place to live.
