NEW JERSEY – Relief is on the way for some New Jersey residents as property taxes continue to rise across the state.
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Starting this week, eligible homeowners and renters will start receiving payments as part of the 2025 Affordable New Jersey Communities for Homeowners and Renters relief program.
What is Anchor?
What we know:
The Anchor program offers property tax relief to New Jersey residents who own or rent their primary home in the state and meet certain income limits.
This year’s benefits are based on residency, income and age from 2024.
Payments
Dig deeper:
Anchor payments start on Monday, September 15, and continue on a rolling basis.
Most residents will receive their payment within 90 days of applying, unless additional information is needed.
Applicants who file a paper application will receive their benefits by paper check, while online applicants can choose to receive direct deposit payments.
How much to expect
By the numbers:
There is a limit to how much residents can receive from Anchor.
The total amount can’t exceed the property taxes paid on the primary residence for the qualifying year.
Maximum benefit amounts:
- $1,750 for senior homeowners
- $700 for senior renters
- $450 for renters under 65
- $1,650 for homeowners under 65
Who is eligible?
What you can do:
New Jersey homeowners:
- You owned and occupied a home in the state that served as your primary residence on October 1, 2024.
- Your 2024 gross New Jersey income did not exceed $250,000.
- Your home was subject to property taxes.
New Jersey renters:
- You rented and occupied a residence in the state that served as your primary residence on Oct. 1, 2024.
- Your 2024 gross New Jersey income did not exceed $150,000.
- You paid rent and your name was on the lease or rental agreement.
- Your rental property was subject to local property taxes.
Deadlines
What’s next:
The deadline to file for the Anchor program is October 31.
However, if you would like to receive your payments via paper check, you must file your own application by September 15.
September 15 is also the deadline to change bank account information for those who receive a letter confirming their eligibility.
You can check the status of your rebate by clicking here.
The Source: Information from this article was sourced from the New Jersey Treasury Department.
