NJ Anchor Program Meadowlands chamber
NJ Anchor Program Meadowlands chamber

Millions of Homeowners, Renters Applied For NJ Anchor Tax Rebate

Nearly 1.7 million New Jerseyans applied for ANCHOR property tax relief.

“For more than a million homeowners, ANCHOR’s direct relief will effectively undo years of property tax increases — even up to a decade’s worth. And for nearly one million renters, ANCHOR’s tenant relief will cushion rent hikes,” Murphy said in a statement during his State of the State Address in January.

The announcement was made in addition to the governor’s plan for the “Next New Jersey” that calls for a myriad of economic headwinds amid the new normal that has emerged from the pandemic.

“Building the Next New Jersey means creating an economic future that uplifts each of us and works for all of us,” said Murphy in a statement. “My proposed budget will help New Jerseyans secure their place in our future by expanding opportunity now.”

The state Fiscal Year 2023 Budget set aside $2 billion in ANCHOR property tax relief.  Benefits will be paid in the late Spring of 2023.

  • NJ homeowners with income of $150,000 or less will receive $1,500.
  • NJ homeowners with income of more than $150,000 and up to $250,000 will receive $1,000.
  • NJ residential renters with income of $150,000 or less will receive $450. You must have paid rent to be eligible.

The ANCHOR program is separate from the NJ Senior Tax Freeze Program.

To be eligible for this year’s benefit, you must have occupied your primary residence on Oct.1, 2019. You must also file (or be exempt from) NJ income taxes.

Learn more here…https://www.nj.gov/treasury/taxation/anchor/home-faq.shtml