Do I Qualify For Automatic ANCHOR Payment In NJ? 5 Things To Know

NEW JERSEY — New Jersey's property tax relief program will soon kick off for 2024, with about $2 billion included in the state budget to be dispersed among eligible homeowners and tenants.

The ANCHOR program (Affordable New Jersey Communities for Homeowners and Renters) is in its third year, and residents who qualify can get between $450 and $1,750 back in their pockets. ANCHOR replaced the Homestead Benefit relief program, and added renters into the mix along with homeowners.

New Jersey Treasury officials said the program paid more than $2 billion last year, when more than 1.8 million residents got a refund for the 2020 tax year. About 1.5 million of those people will be automatically enrolled to get their payments this year, according to the state Division of Taxation.

Property owners in the Garden State paid an average of $9,803 in property taxes in 2023, an increase of $300 over the previous year — and the property tax rate here is the highest in the country, according to a WalletHub analysis.

The state Division of Taxation said it has "effectively eliminated" the need for people to submit paper applications, with residents able to securely upload documents online this year. "Paper applications remain available for those who prefer, or have special circumstances," said officials on Tuesday.

Officials also said they have made improvements to the ANCHOR call center, by doubling the number of representatives available to help callers with questions, and adding an an automatic callback feature which allows residents to be placed in a queue rather than waiting on hold.

Here are five more things that you might want to know about this year's program:

Eligibility and payments for this year's ANCHOR program are based on your 2021 residency, income, and age. For that year, homeowners must have had an annual gross income of $250,000 or less, and renters must have had an annual income of $150,000 or less to be eligible.

If you've received an ANCHOR payment in past years, you will likely get a check or deposit automatically, and you'll get a letter saying that you don't need to do anything further. Close to 1.5 million people are in this category. However, if you have changed your information (address, legal name, or bank account) since last year, you need to file a new application by Sept. 15.

If you have never applied for ANCHOR, look for a mailer in late August or early September, as the state said they're sending about 2 million mailers out beginning on Aug. 26. If you don't get a mailer or happen to lose yours, you can still check eligibility and sign up at anchor.nj.gov. The deadline to file a first-time application is Nov. 30.

The state added new measures to prevent fraud, so some applicants will be asked for additional identity verification. They will be notified of these extra steps when they log in.

Payments will start rolling out in November, and here's the breakdown. Homeowners can receive up to a $1,500 refund and renters can get up to $450 — with eligible seniors 65 and older getting an extra $250. Those numbers have not changed since last year, for the record.

More information about the program is available at anchor.nj.gov. Applicants may also call the ANCHOR hotline at (609) 826-4282 or 1-888-238-1233, or get in-person assistance at a Regional Information Center.

Related article: Automatic ANCHOR Payments Coming For 1.5M NJ Residents