New Jersey residents are being offered a chance to receive financial relief through the Anchor program, which provides rebate payments of up to $1,500 for eligible homeowners and renters. Approved by Governor Phil Murphy and the state legislature, the program aims to offer relief to residents of the heavily taxed state.
Homeowners with annual incomes of $150,000 or less will receive $1,500, while those with incomes above $150,000 and up to $250,000 will receive $1,000. Eligible renters with incomes of $150,000 or less will receive $450. The deadline to apply for the Anchor benefit is February 28, 2023, and the Division of Taxation will begin paying benefits in late spring of 2023. Payments will be made through direct deposit or check, not as credits to property tax bills.
To apply, homeowners will need an Anchor ID and PIN, which can be obtained through the online ID and PIN inquiry system if a Homestead Benefit program application was filed last year. Certain homeowners will need to file a paper application, as stated on the program’s website. Renters and tenants are advised to apply online, but can also complete a paper application. There is no set age limit to be eligible for the Anchor program. If a home is owned by more than one person who is not a spouse, each owner must file a separate application.
The Anchor program is a step in the right direction for providing relief to New Jersey residents and reducing the tax burden in the state. Governor Murphy has also recently announced plans for “significant tax cuts” in the future, though no specific details have been provided yet. The Anchor program offers eligible residents the opportunity to take advantage of the relief provided and ease their financial burden.