New Jersey residents are set to receive applications for the Communities for Homeowners and Renters — ANCHOR — program, a state initiative designed to provide property tax relief to eligible homeowners and renters. The ANCHOR program offers benefits based on 2021 residency, income, and age.
According to the New Jersey Division of Taxation, homeowners under the age of 64 with a gross income of less than $150,000 in 2021 will receive $1,500. Homeowners who were 65 or older in 2021 will receive $1,750. Renters aged 64 and younger in 2021 will receive $450, while those older than 64 will receive $700.
Applications for the ANCHOR program are being sent out by the NJ Division of Taxation. Residents can apply online or opt to fill out the paperwork and mail it in. The printed applications can be found on the ANCHOR information website.
The ANCHOR benefits will be distributed in the fall, typically about 90 days after the application has been filed and accepted, unless additional information is needed to process the application.