New Jersey residents eligible for the ANCHOR property tax relief program can expect their payments to arrive sooner than anticipated. The state's Treasury Department has confirmed that the distribution of ANCHOR benefits will commence within the next week, ahead of the previously announced November 1st date. The payments will be issued on a rolling basis, with most applicants receiving their payment approximately 90 days after applying, unless additional information is needed to process the application.
The ANCHOR program provides property tax relief to New Jersey residents who own or rent property in the state as their principal residence and meet certain income limits. The first round of payments for this year was distributed on October 1st, 2024, to those who met the eligibility requirements outlined in the ANCHOR Benefit confirmation letter. According to the Department of Taxation, residents can check the status of their payment online using their social security number or individual taxpayer identification number and ZIP code.
Eligible residents who did not receive a confirmation letter can still apply for the NJ Anchor rebate online, with a deadline of November 30, 2024. Senate President Nick Scutari praised the program, stating, "The ANCHOR program continues to provide direct tax relief with financial assistance that helps ease the burden of property taxes."
This will be the third payout since the program was implemented. During the second round, more than $2.1 billion was distributed to over 1.8 million homeowners and renters throughout the state, making it the single largest property tax relief program in state history.