ANCHOR deadline approaches: What it means for New Jersey

NEW JERSEY – Time is running out for New Jersey homeowners and renters to enroll in the ANCHOR property tax relief program.

The state extended the deadline for new applicants to Friday, Dec. 6, giving residents an additional week to determine whether they qualify and submit their application. More than $2 billion went into the state budget this year for ANCHOR (Affordable New Jersey Communities for Homeowners and Renters).

Eligibility and payments for this year’s ANCHOR program are based on 2021 residency, income and age. To be eligible, homeowners must have an annual gross income of $250,000 or less and renters must have an annual gross income of $250,000 or less this year Have $150,000 or less.

Two million people are expected to receive a property tax break this year, with payment amounts ranging from $450 for renters to $1,500 for homeowners. An additional $250 is available for eligible seniors.

Payments will be made on an ongoing basis once an application is approved.

Residents who have applied but have not received their benefit in the mail or in their bank account can visit the Check Benefit Status page on the Tax Department’s website. To do this, you will need a valid Social Security Number/Individual Taxpayer Identification Number (ITIN) and your zip code. Select tax year 2021 from the list of options.