In an exciting announcement, Governor Phil Murphy and Treasurer Elizabeth Maher Muoio declared that over 700,000 residents of New Jersey who have chosen to receive their ANCHOR Property Tax Relief payments through direct deposit will receive their first-round payments for the 2020 tax year starting tomorrow.
Starting next week, individuals who opted to receive a paper check will begin receiving their benefits via mail.
By November 1st, the majority of ANCHOR applicants will receive their benefits, and as more eligible residents apply, payments will be made on a continuous basis.
According to a statement by Murphy, property taxes have been a significant concern for homeowners in New Jersey for quite some time.
He expressed satisfaction that New Jersey is becoming more affordable for millions of households, thanks to the joint efforts of the government and the Legislature. Additionally, he was pleased to announce that the Division of Taxation has improved its processes, leading to faster delivery of ANCHOR relief payments to the majority of applicants.
Last year, the Governor and Legislature introduced the ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) property tax relief program.
The Homestead Benefit property tax relief program has undergone significant updates and enhancements. The latest version of the program now allows renters to qualify, which is a major change since the last time this option was available. In addition, eligible homeowners can now earn a higher income before they are disqualified from the program. These changes represent a major step forward in making property tax relief more accessible and inclusive for those who need it.
In the ongoing fiscal year, the funding has been sustained and there has been a hike in the payouts for individuals aged 65 and above who own or rent their homes.
During the previous filing season, over 1.7 million renters and homeowners applied for and successfully received a payment that ranged from $450 to $1,500 under the program that covered the 2019 tax year.
It is anticipated that this season will see a rise in the number of applicants. Moreover, the payment for seniors has been boosted by $250, resulting in a new payment range of $700 to $1,750. For individuals under the age of 65, the payment will now range between $450 and $1,500.
To inquire about the status of your ANCHOR benefit payment, simply visit the Division of Taxation website and utilize their convenient online status inquiry tool. It is recommended that you use this tool prior to contacting the hotline, as per the Division’s request.
If you haven’t filed for your ANCHOR tax rebate yet and didn’t receive a benefit confirmation letter, don’t worry! You still have time to apply for it.
