Starting Monday, New Jersey's popular ANCHOR property tax relief program will resume, with eligibility letters being sent out by the state's Treasury Department to approximately 1.5 million homeowners and renters. The program provides a one-time payment ranging from $1,000 to $1,750 for homeowners, and $450 to $700 for renters. Seniors over 65 will receive an additional $250. First-time renters will receive $450, plus an additional $250 if they are seniors.
According to NBC New York, if the personal information listed in the letter has changed since the last ANCHOR payment, taxpayers will need to file a new application by September 15, 2024. Payments will be issued on a rolling basis starting in November.
The ANCHOR program, now in its third year, was established to provide property tax relief to New Jersey residents who own or rent property in the state as their principal residence and meet certain income limits. Last season's program, covering the 2020 tax year, distributed over $2.1 billion in benefits to more than 1.8 million homeowners and renters, making it the state's single largest property tax relief initiative.