The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program is giving Americans who live in New Jersey good news this week. If they own a home and meet certain requirements, they will get a direct payment worth up to $1,500.
This plan to lower property taxes was made official in 2022 to bring the Homestead Benefit up to date and include more people. Renters and homeowners who meet certain residency and income requirements can get property tax relief payments of $450 to $1,500. Seniors can get an extra $250. This season’s show is about the tax year 2021.
Direct payment of $1,500 for New Jersey residents if they meet these requirements
Last year, the program helped more than 1.8 million homeowners and renters save more than $2.1 billion on their property taxes. This made it the biggest property tax relief program in the state of New Jersey.
As the program’s popularity grows, the New Jersey Department of the Treasury asks anyone who wants to help New Jerseyans apply for and get ANCHOR’s important property tax relief.
The goal of the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) initiative is to make different taxes less of a burden on people. It helps homeowners and renters in the state pay less on their property taxes.
Based on their income, renters could get up to $450 and homeowners could get $1,000 to $1,500. That being said, not everyone can get this benefit. The following conditions must be met in order to get the direct payment:
- Be a resident of New Jersey.
- Homeowners must have paid taxes on their primary residence during the relevant tax year. Vacation homes and other income property are exempt from this rule.
- Renters must earn less than $150,000 per year and have rented a residence in New Jersey during the relevant period.
When will New Jersey residents receive their direct payment?
Direct payment has already been sent to those who met the requirements and turned in their applications by December 6, 2023. The payments will start going out in December 2024 and keep going until 2025.
Direct payment checks are usually sent 90 days after the application is sent in. If you have already used this service, you probably did not have to do anything else because you were probably registered automatically.
People who rent will be given a purple code, and people who own will be given a green one. The ANCHOR program says that residents will get the following amounts of money:
- Owners with an income of less than $150,000 receive $1,500.
- Homeowners earning between $150,000 and $250,000: $1,000.
- Renters with a salary less than $150,000 pay $450.
Do not forget that if you have not gotten your direct payment in the 90 days that were supposed to pass, you may need to provide more information or the validation process may take longer than expected.
In that case, you should get in touch with the New Jersey Department of Revenue to find out more about the status of your payment. Also, keep in mind that this season, many people who apply for the ANCHOR benefit may have to go through more identity checks. This is part of ongoing efforts to stop fraud and protect public resources. These people pay taxes:
- New applicants;
- Anyone searching for their ANCHOR ID/PIN:
- Anyone who has not yet received an ANCHOR Benefit Confirmation Letter or Application Mailer;
- Anybody who has lost their ANCHOR mailer or letter and the data on it.
In these cases, taxpayers will be asked to prove who they are by making a new ID.me account or using an existing one. In order to prove who they are, applicants can show a driver’s license, passport, or other acceptable document at any of the Division of Taxation’s Regional Information Centers. Residents can go to the official website of the ANCHOR program to find out more.
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