ANCHOR Update: New Jersey Property Tax Relief is Back for 2023

Property Tax Relief for New Jersey Homeowners and Renters

In 2022, the state of New Jersey aimed to provide relief to residents by replacing the Homestead Benefit program with the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program. Based on income, taxpayers who owned a home in 2019 received up to $1,500 while tenants received up to $450. Checks were disbursed beginning in Spring 2023.

The state underwent a massive awareness campaign and had to extend the filing deadline several times to ensure as many qualified residents applied as possible.

NJ ANCHOR as of 2023

Even though payments were distributed earlier in the year, the ANCHOR program continues in 2023 and these next payments are expected as of November 2023. Here’s what you need to know.

The NJ ANCHOR benefits for EOY 2023 are based on 2020 residency status and income. New this year, the state is offering an additional rebate for New Jersey seniors over the age of 65.

Next Steps for NJ ANCHOR

Most qualified applicants should have received a confirmation or renewal notice in the mail. Following are the actions you need to take based on your circumstances:

1. Did you file last year and have no changes? If you have previously filed and received your ANCHOR benefit, remain eligible for the 2020 relief, and have no changes in your information, no action is required. The application will be automatically filed for you and the benefit will be paid based on information in your confirmation letter.
2. Did you file last year but have changes in income or your bank account? If you filed for the ANCHOR program last year, but need to notify the state of changes, you have to submit your updated application by September 30, 2023. If your income changed between 2019 and 2020, it could affect your benefit amount. If you switched bank accounts between 2022-2023, the state will distribute payment to the bank account they have on file, so to receive funds in a timely manner, it’s important to submit your corrections by the deadline.
3. Based on 2020, are you newly eligible this year?  If your residency status and/or income level changed from 2019 to 2020, new eligible homeowners and renters have until December 29, 2023 to fill out and file a NJ ANCHOR application.

The NJ Division of Taxation also urges taxpayers to be vigilant and aware of scammers who might try to impersonate the state regarding ANCHOR benefits. They will never correspond via text message, and you can contact the state directly before providing any sensitive personal information.

See FAQ’s, special circumstances, and application information at www.anchor.nj.gov.