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NJ ANCHOR PROGRAM 

Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) On November 18th Governor Murphy announced an extended deadline to file for new ANCHOR property tax relief program and expanded eligibility to certain renters. ANCHOR is a new property tax relief program for New Jersey homeowners and renters. Homeowners with income of $150,000 or less will receive $1,500. Homeowners with income of more than $150,000 and up to $250,000 will receive $1,000. Renters with income of $150,000 or less will receive $450. The application deadline has extended to January 31, 2023, giving taxpayers an extra month to apply. Additionally, tenants (renters) who had previously been ineligible because their unit is under a PILOT (Payment in Lieu of Taxes) agreement are now eligible to apply for the benefit. FYI, this year’s benefit eligibility is based upon occupation of a primary residence on October 1, 2019 and filing/exemption from NJ income taxes. About ANCHOR Under the ANCHOR program, both the size of the benefit and the number of eligible applicants has increased substantially, compared to the previous Homestead Benefit (which ANCHOR is replacing), including double the amount of homeowners and nearly a million tenants who had not been eligible for property tax relief in recent years. Over 870,000 homeowners with incomes up to $150,000 will receive $1,500 in relief; over 290,000 homeowners with incomes over $150,000 and up to $250,000 will receive $1,000; and over 900,000 renters with incomes up to $150,000 will receive $450 to help offset rent increases. All payments will begin going out in late spring, regardless of when taxpayers file. Payments will be issued in the form of checks or direct deposits and are not subject to federal or State income tax. Homeowner Eligibility Requirements •You were a New Jersey resident; and •You owned and occupied a home in New Jersey that was your principal residence (main home) on October 1, 2019; and •2019 property taxes were paid on that home; and •Your 2019 New Jersey gross income was $250,000 or less Renter/Tenant Eligibility Requirements •You were a New Jersey resident; and •Your 2019 New Jersey gross income was not more than $150,000; and •You rented and occupied a residence in New Jersey that was your principal residence (main home) on October 1, 2019; and •Your name was on the lease or rental agreement; and •You paid rent; and •Your unit had its own separate kitchen and bath facilities, if the building consisted of multiple units; and •The rental property was subject to local property taxes, (see Qualified and Non-Qualified Rental Properties). Call us if you have any question

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