OCEAN COUNTY – If you didn’t get a chance to apply for the new version of the Homestead Rebate program at the end of the year, don’t worry, you can still drop ANCHOR until January 31.
The ANCHOR property tax relief program originally had a deadline of December 30. It was bumped to January 31, which is good for people who get busy during the holidays. State offices have been publicizing the additional time.
“For the residents of New Jersey, affordability is the most pressing issue and property taxes are the greatest burden,” said Senate President Nick Scutari. “We are making use of resources to address this need by helping homeowners and renters with direct financial assistance. Extending the deadline will give our residents a greater ability to take advantage of a program that will help make their lives more affordable.”
ANCHOR dropped in September. It is replacing the Homestead Rebate. It is picking up where Homestead left off, which is why it references 2019 in the application.
According to the state, more than 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.
The application for the Affordable NJ Communities for Homeowners and Renters (ANCHOR) should have already been mailed to your home. All payments will begin going out in late spring, regardless of when you filed.
As opposed to the Homestead Rebate, which sent the money straight to your town to pay your tax bill, these will be issued as checks or direct deposit. Additionally, they are not subject to federal or State income tax.
Who Can File?
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. Your 2019 NJ gross income needs to be less than $250,000.
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).
For more information, visit nj.gov/treasury/taxation/anchor/ and check out the extensive Frequently Asked Questions. If you don’t find your answer there, call the hotline at 1-888-238–1233.
For Renters
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.
“When we say we are delivering bold, direct property tax relief to working and middle-class New Jerseyans we mean it,” said Assembly Speaker Craig J. Coughlin. “Expanding eligibility for renters and extending the deadline only strengthens that commitment and ensures all who need relief will have the time and awareness to benefit. I thank the Governor, the Senate President, and all our legislative partners for coming together – this truly remains a game-changer for folks who have seen their budgets stretched further and further.”
“I am very grateful to the Governor, Senate President, Speaker and Treasurer for responding as quickly as they have to make renters in buildings with a PILOT eligible for the Anchor Program,” said Senator Joe Vitale. “I alerted them to the issue immediately after receiving a call from a constituent who pays market rate rent in a building whose occupancy is dedicated to veterans. Within two weeks they are announcing a fix to the problem. This is another great example of how one person’s decision to take action will make a difference for thousands of New Jersey renters and ensure this important tax relief reaches everyone it is intended to reach.”
The post ANCHOR Rebate Given New Date appeared first on Jersey Shore Online.