With skyrocketing prices all around, New Jersey families need relief now more than ever. Thankfully, with the ANCHOR program, families from all across the State can now access the help they need to manage the rising cost of living.
The New Jersey Department of the Treasury recently announced that they are extending and expanding their ANCHOR program for NJ residents. The deadline has been extended through January 31, 2023, so New Jerseyans have additional time to receive these benefits. Formerly known as the Homestead Benefit, the ANCHOR program provides tax relief for residents who owned or rented their principal residence on October 1st, 2019, and met the income limits. The available tax relief for households is as follows:
- $1,500 for homeowners earning $150,000 or less
- $1,000 for homeowners earning between $150,000 and $200,000
- $450 for renters earning $150,000 or less
Additional details regarding how eligibility and payments are determined can be found here: ANCHOR Calculations. Renters whose units currently have a PILOT agreement (Payment In Lieu Of Taxes) are now also eligible, so please feel free to enroll if this applies to you! Eligible applicants will receive payment in the form of a direct deposit or a check, not as a credit to property tax bills. Payments are expected to start being released in the late Spring of 2023.
If you’re interested in applying, homeowners and renters can apply here: ANCHOR Benefit Filing. Homeowners can also apply over the phone at (877) 658-2972. There are also a handful of circumstances in which applicants must submit a paper application. You can read more about those specific criteria here: Paper Applications – ANCHOR. If you’ve previously applied under the Homestead Benefit, you should already have an online ID and PIN associated with your account. Previous applicants can look up their ID/PIN here: Search – ANCHOR. If you are a renter, you do not need an ID or PIN number to file.
If you have additional questions regarding the program, the Frequently Asked Questions are available here: FAQ – ANCHOR Program. If you are unable to find the answer to your inquiries in the FAQ, please contact the ANCHOR hotline at 1-888-238-1233. The hotline is currently experiencing high call volumes, but a representative will follow up with additional details as soon as they are able. With triple the number of New Jerseyans eligible for these benefits, now is the perfect time to enroll and take advantage of some much-needed relief for the upcoming new year.