New Jersey has announced a new Property Tax Relief Program which will replace the previous Homestead Benefit program for 2019. The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) Property Tax Relief Program will benefit a large number of homeowners and includes tenants.
If you owned and occupied a principal residence or rented a rental unit in New Jersey on October 1, 2019, you may be eligible for a benefit payment. Homeowner benefit amounts will be $1,500 for taxpayers with 2019 gross incomes up to $150,000, or $1,000 for those with 2019 gross income above $150,000 but no higher than $250,000. Tenants with 2019 gross income up to $150,000 will qualify for a $450 benefit.
Those who filed their Homestead Rebate Application online should have received an email from the Division of Taxation in the last week or so. Applications will be available this fall, and the deadline for submission is December 30, 2022. The benefit will be paid no later than May 2023.
We encourage you to learn more on the nj.gov website where there is detailed information available on how to file, mailing schedules, and more for both Homeowners and Tenants: NJ Division of Taxation - ANCHOR Program.
Please do not hesitate to contact us if you have questions regarding your eligibility, the application process, or to discuss a topic further.
The Nisivoccia Team