According to Gov. Phil Murphy, taxpayers in New Jersey can expect to receive their ANCHOR property tax relief payments as early as Thursday morning. This news comes as a relief to many residents who have been eagerly awaiting this financial assistance. The ANCHOR program provides much-needed relief to eligible homeowners who struggle with high property taxes in the state. With the payments on their way, residents can rest assured that they will receive the help they need to manage their finances.
On Wednesday night, Murphy, a Democrat, made an announcement during his call-in radio show. He stated that direct deposit will be available tomorrow, while checks will be issued next week. The show was broadcasted on WBGO, WNYC, and WHYY.
According to his statement, the benefit offered is the most significant property tax relief program in the state’s history. He further added that this program can reduce property tax bills by a decade or more in most cases, making it a significant game-changer.
The distribution of payments for the 2020 tax year is commencing earlier than expected. Originally, the state had announced that the distribution would begin by November 1st, just a week before the election where all 120 seats of the Democratic-controlled state Legislature are up for grabs.
According to the state, over 700,000 residents will receive direct deposits from the first round of payments, which will be available in their bank accounts as early as Thursday morning.
According to the announcement, the first batch of paper checks will be sent out next week. However, the exact number of checks that will be mailed has not been disclosed.
According to a recent press release by the Treasury Department, the majority of ANCHOR applicants who have already applied should receive their benefits by November 1st. The department also stated that payments will continue to be made on an ongoing basis as more eligible residents apply.
According to previous reports, those who received a confirmation letter from the Treasury Department in August stating that their applications would be automatically filed and they did not need to take any further action are the ones who will receive the initial payments.
The state has sent a letter to 1.3 million residents who received the 2019 benefit and are eligible for the 2020 benefit.
According to the state Treasury Department, if you are not part of the select few, you can expect payments to arrive approximately 90 days after submitting your application.
Over 1.5 million homeowners and 560,000 renters have been sent application packets by the state at the end of the summer, and they are among those who are expected to receive the next round of payments. The state sent green packets to homeowners and purple packets to renters.
Residents who are interested in filing can do so conveniently either online through the provided link or through phone by dialing (877) 658-2972.
The state has specified that if you have purchased your home in the year 2020, made modifications to your deed, or undergone significant life changes like a divorce or the loss of a spouse, you are required to file an application via mail. The application can be accessed through the provided link on the state’s website.
According to the state, if you have received a renter packet as a homeowner or vice versa, you can apply online or download the application for the appropriate category.
Homeowners who are 65 years of age or older and earn $150,000 or less will receive $1,750 if they are eligible. Similarly, those who earn between $150,001 and $250,000 and fall under the same age bracket will receive $1,250.
If you’re a homeowner below 65 years old and earning $150,000 or less, then you’re eligible to receive $1,500. For those homeowners below 65 years old who earn between $150,001 and $250,000, they’ll get $1,000 in financial assistance.
According to the latest updates, individuals who are renting and aged 65 or above, and their annual income is less than $150,000, will be eligible for a rental assistance payment of $700. Whereas, if the individual is under 64 years of age, the rental assistance payment will be $450.
According to a recent statement by State Treasurer Elizabeth Maher Muoio, the current administration has been working tirelessly to make New Jersey a more affordable place to live, work and raise a family. She further emphasized that the ANCHOR program is playing a crucial role in providing financial assistance to those who need it the most during these times of increased costs.
If you need to get in touch with the ANCHOR hotline, you can easily reach them at (888) 238-1233.
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