Real Estate
How To Apply For ANCHOR Tax Benefit In The Caldwells
Living in the Caldwells isn't cheap, whether you own or rent your home. This state tax rebate program may help to lighten the load.
![New Jersey’s ANCHOR tax rebate program provides payments to eligible homeowners and renters, including residents in Caldwell, North Caldwell and West Caldwell.](https://patch.com/img/cdn20/shutterstock/22844250/20240814/125631/styles/patch_image/public/shutterstock-153944783___14124437525.jpg)
CALDWELLS, NJ — Living in New Jersey isn’t cheap, whether you own or rent your home. But this tax season, a potential two million Garden State residents – including those in Caldwell, North Caldwell and West Caldwell – might get a little breath of relief from New Jersey’s ANCHOR rebate program.
State officials will begin another round of outreach about the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program next week. See Related: Automatic ANCHOR Payments Coming For 1.5M NJ Residents
The program provides up to $1,500 for eligible homeowners and $450 to renters. Seniors ages 65 and above can get an extra $250.
Find out what's happening in Caldwellswith free, real-time updates from Patch.
Want to know if you qualify for a payment? See a list of frequently asked questions here.
The current round of payments will be issued on a rolling basis beginning in November. Most people who have previously gotten ANCHOR benefits will have their new applications automatically filed. New participants must submit an application by the Nov. 30 deadline. More information is available at anchor.nj.gov. Applicants can also call a hotline at (609) 826-4282 or 1-888-238-1233, or get in-person assistance at a Regional Information Center.
Find out what's happening in Caldwellswith free, real-time updates from Patch.
Property taxes in Essex County are consistently among the highest in the nation – and the Caldwells haven’t been spared from the rising tides. Here's how much local homeowners paid in property taxes in 2023, according to state data (not including deductions and credits):
- The average Caldwell homeowner paid $13,197 in property taxes on a home valued at $425,488
- The average North Caldwell homeowner paid $17,593 in property taxes on a home valued at $794,090
- The average West Caldwell homeowner paid $12,068 in property taxes on a home valued at $446,864
People who rent their homes in the Caldwells are also struggling with larger bills.
A recent study found that it costs a whopping $1,916 per month to rent a two-bedroom apartment in Essex County. Meanwhile, 13 renters are competing for every vacant apartment in North Jersey, another study said.
- See Related: Rent Control In Caldwell: Board Debates Changes For Tenants, Landlords
- See Related: Caldwell Building Has Open Applications For Affordable Housing
ACHORS AWEIGH
In 2022, the ANCHOR benefit replaced the state’s Homestead Rebate program, which was only providing benefits to homeowners – not renters – and at smaller amounts. New Jersey officials estimated that 470,000 homeowners in New Jersey were using the Homestead rebate every year, getting an average payment of $626 each.
More than 1.8 million homeowners and renters shared nearly $2.1 billion in ANCHOR payments last tax season, making it New Jersey’s single-largest property tax program.
Nearly half of New Jersey’s 2025 budget will be dedicated toward providing relief for homeowners in a state with one of the highest property tax rates in the nation. See Related: Murphy Greenlights $56B New Jersey Budget (See The Breakdown)
The program has seen praise from a range of advocates and officials, including State Treasurer Elizabeth Maher Muoio, who called it "one of the most impactful property tax relief initiatives in New Jersey’s history."
"From day one, our administration has strived to make New Jersey more affordable for residents across our state," Gov. Phil Murphy said.
"The ANCHOR program continues to deliver on our promise of increasing affordability for millions of New Jerseyans," he added.
Others have cautioned that the program stands on shaky ground, however.
After Murphy's annual budget address earlier this year, Sen. Jon Bramnick (NJ-21), who is running as a Republican for governor in 2025, warned that if revenues continue to lag, this relief could "be on the chopping block."
Last year, Sen. Anthony Bucco (NJ-25) questioned the "gimmicky" timing of the state's ANCHOR announcements, which he said were "designed to be political."
"Homeowners want and need a permanent solution to our crippling, highest-in-the-nation property taxes, not a one-time rebate delivered in the weeks leading up to an election," Bucco insisted.
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