The NJ ANCHOR Rebate program is one of New Jersey’s initiatives designed to help residents with property taxes. Both renters and homeowners who meet specific residency and income criteria are eligible for this program.
NJ ANCHOR Rebate Payment Schedule
Qualified residents of New Jersey can access property tax relief through the Owning New Jersey Locality for Homeowners and Renters (ANCHOR) Relief program. This program is open to both homeowners and renters who meet the residency and income requirements. ANCHOR payments for the 2024 tax year will begin in October 2024 and will be issued on a rolling basis.
Key dates include the start of eligibility notifications on August 19, 2024, the deadline for updating personal information on September 15, 2024, and the final filing date of November 30, 2024. Payments will be processed quickly, with funds transferred to residents’ accounts within ninety days of submission.
NJ Anchor Rebate Payment Dates
To distribute the benefits, ANCHOR will begin processing resident payouts for the 2024 tax year starting in November. Here are some important dates:
- August 19, 2024: Letters will be sent to approximately 1.5 million residents informing them that they automatically qualify for the ANCHOR benefit, which will be submitted using previously available information.
- September 15, 2024: Individuals whose personal information has changed since their last ANCHOR payment—such as name, residence, or bank account details—can apply.
- November 30, 2024: This is the final day for all residents to apply for the 2024 ANCHOR benefit.
Disbursements will start in early October 2024, with the expectation that many recipients will receive their checks within approximately 90 days of their application date, provided there are no delays or additional information needed.
ANCHOR Eligibility Requirements 2024
Residents of New Jersey who meet the eligibility requirements for the ANCHOR program will be selected based on their age and income level as determined by their gross income in 2021.
Homeowners:
- $150,000 or less in earnings before benefits: $1,500 reward.
- Gross income between $150,001 and $250,000: $1,000 reward.
- For those over 65: $250 plus the base benefit payout.
Tenants:
- Gross income of $150,000 or less: $450 benefit payout.
- For those over 65: $700 benefit payout.
Note: Income from 2021 is used to determine eligibility.
Must Be a Resident:
As of October 1, 2021, all applicants must be residents of New Jersey and use the property as their primary residence. In other words, they must live on the property as their main home.
Automatic Eligibility:
Around 1.5 million residents will be automatically deemed eligible for the ANCHOR benefit after their tax information is reviewed. They will receive a letter confirming their eligibility and that their application has been processed automatically.
Validation:
The New Jersey Division of Taxation may verify that applicants meet all requirements. This could involve requesting additional information or documents to confirm their eligibility.
NJ ANCHOR Rebate Amount
hese individuals may face greater challenges due to housing costs in New Jersey and are considered the lowest-income taxpayers. Below, we provide more details on the rebate amounts available in the 2024 program.
Homeowner Rebates
As of October 1, 2021, the rebate amounts for homeowners will depend on their age and income. Seniors and low-income individuals will receive greater relief:
- Senior Couples: Full refund
- Senior Singles: Full refund
For seniors under 64 years old:
- If your gross income is $150,000 or less, you can receive a $1,500 refund.
- If your gross income is between $150,001 and $250,000, you can receive a $1,000 refund.
Seniors Aged 65 and Older:
- If your gross income is $150,000 or less, you can receive a $1,750 refund (including an extra $250 for seniors).
- If your gross income is between $150,001 and $250,000, you can receive a $1,250 refund (also including an additional $250 for seniors).
Tenant Rebates
The ANCHOR program also applies to tenants, with reimbursement amounts determined by similar guidelines based on age and income as of October 1, 2021:
- Tenants under 64 years old: If your gross income is $150,000 or less, you are eligible for a $450 refund.
- Tenants aged 65 and older: If your gross income is $150,000 or less, you can receive a $700 refund (including an extra $250 for seniors).
While the rebate amount for renters is lower than that for homeowners, it still provides important support, especially for elderly and low-income tenants facing high rental costs in New Jersey.