$1,500 New Jersey Anchor Rebate Upcoming This Month: Who Will Get It?

Many New Jersey residents are scheduled to receive rebate payments this week as part of the 2024 ANCHOR tax relief program. New Jersey Anchor Rebate payments provide tax relief to residents who own or rent real estate in the state. Eligible homeowners and renters can receive up to $1,500 in New Jersey Anchor Rebate payments.

ANCHOR Program: What’s So Special?

Many New Jersey homeowners and renters struggle to afford the high cost of living, especially when it comes to property taxes. So the state launched the Affordable NJ Communities for Homeowners and Renters (ANCHOR) program to help residents reduce this financial burden.

New Jersey’s ANCHOR tax relief program provides rebates to residents who meet certain age, residency, income and homeownership criteria. Anyone who owns a home in 2020 and makes $150,000 or less is eligible for a $1,500 rebate.

Likewise, anyone with a combined income of $150,001 to $250,000 will receive a $1,000 rebate. Renters with income of $150,000 or less on their 2020 tax return are eligible for a $450 rebate. Homeowners and renters over 65 can expect much higher amounts.

You do not have to be a current New Jersey resident to receive the rebate. Instead, you must own and occupy a home in the state as your primary residence on October 1, 2020. Anyone who moved out of the state after October 1, 2020 may receive relief if they qualify for other 2020 programs. .

What makes this program different from other homeowner relief programs is that it not only provides relief to traditional homeowners, but also those going through a major life change (marriage or loss of a spouse) or those living in an assisted living facility.

Another thing that makes this program special is that it provides relief to homeowners and renters without age restrictions or prerequisites.

New Jersey Anchor Rebate Payment: When to Expect

New Jersey began accepting applications for the program on October 12, 2023, and the last application date was December 29, 2023. Payments are made sequentially, with most applicants receiving their payment approximately 90 days after submitting their application. .

The final payment is expected to be made this month. The program’s website says the payments are scheduled to roll out in “multiple large ANCHOR benefits beginning January 2, 2024.”

The website also states that all benefits will end by January 12, 2024. Therefore, anyone who has not received their New Jersey Anchor rebate by January 12 is encouraged to contact the State Treasury through the ANCHOR hotline (609). -826-4282 or 1-888-238-1233).

Eligible residents will receive their rebate via paper check or direct deposit, depending on the option they selected during the filing process.