NEW JERSEY – New Jersey is extending the application deadline and expanding eligibility for the new ANCHOR property tax relief program and will embark on an aggressive advertising and marketing campaign to make sure every eligible New Jerseyan takes advantage of the sizable relief, according to Governor Phil Murphy.
In doing so, the leaders announced that the application deadline is being extended to January 31, 2023, giving taxpayers an extra month to apply. Additionally, tenants (renters) who had previously been ineligible because their unit is under a PILOT (Payment in Lieu of Taxes) agreement are now eligible to apply for the benefit.
“In order to achieve meaningful relief for hard-working taxpayers, we must expand access and improve awareness of our efforts to promote affordability and opportunity in New Jersey,” Murphy said. “I want to thank our partners in the Legislature once again for sharing our commitment to deliver real property tax relief to as many people as possible. Whether you’re a homeowner or a renter, New Jersey will remain the best state to live, work, and raise a family.”
Treasury’s Division of Taxation is also actively soliciting proposals for a statewide marketing and advertising campaign to build upon the organic promotional efforts that have been undertaken to date in order to increase general awareness of the new program, make sure tenants know they are eligible, and make taxpayers aware of the new changes.
“We have been working around the clock since ANCHOR’s launch in September to make sure every New Jersey resident is aware of this new program and to answer as many questions as possible,” said State Treasurer Elizabeth Maher Muoio. “With even more people eligible now, we thought it wise to extend the deadline and boost awareness.”
Under the ANCHOR program, both the size of the benefit and the number of eligible applicants has increased substantially, compared to the previous Homestead Benefit (which ANCHOR is replacing), including double the amount of homeowners and nearly a million tenants who had not been eligible for property tax relief in recent years.
Over 870,000 homeowners with incomes up to $150,000 will receive $1,500 in relief; over 290,000 homeowners with incomes over $150,000 and up to $250,000 will receive $1,000; and over 900,000 renters with incomes up to $150,000 will receive $450 to help offset rent increases.
All payments will begin going out in late spring, regardless of when taxpayers file. Payments will be issued in the form of checks or direct deposits and are not subject to federal or State income tax.
To be eligible for this year’s benefit, homeowners and renters must have occupied their primary residence on October 1, 2019 and file or be exempt from NJ income taxes.
Eligible homeowners can apply online, by phone, or via paper application, which can be downloaded online and returned by mail. Tenants can apply online, or download the application from the Taxation website and return by mail (there is no phone option for tenants, as this is the first time this group will be eligible for property tax relief).
Applicants are encouraged to consult the detailed information posted on the Division of Taxation’s website, including an extensive list of Frequently Asked Questions, before calling the ANCHOR hotline.
For more information, visit nj.gov/treasury/taxation/anchor/ or call the ANCHOR hotline at 1-888-238–1233.