September 19th Update: ANCHOR Benefit Confirmation Letter
If you received the ANCHOR Benefit Confirmation Letter or are eligible to apply, here is what you need to know.
March 28th Update: Check your bank account for direct deposits or check on your benefit status.
Earlier this year, New Jersey announced relief for homeowners and renters. If you are eligible for this rebate, take note of the application deadline, which has recently been extended by Governor Murphy.
New Jersey has announced that the deadline to file an application for the recently commissioned ANCHOR Property Tax Relief Program has been extended through February 28, 2023. This extension has provided taxpayers with an additional month to apply and has also granted renters who were previously disqualified as a result of their unit being under PILOT (Payment in Lieu of Taxes) agreement with the opportunity to apply for this benefit.
To be eligible for this benefit, homeowners and renters must have occupied their primary residence as of October 1, 2019 and file or be exempt from New Jersey income taxes. Payments will be sent via check or direct deposit and are not subject to federal or state income tax. The state will begin paying ANCHOR benefits in the late Spring of 2023.
Homeowners with 2019 NJ gross incomes up to $150,000 will receive $1,500 in relief, homeowners with incomes over $150,000 and up to $250,000 will receive $1,000 in relief, and renters with incomes up to $150,000 will receive $450 in relief.
Should you have questions or need to discuss these matters further, your Alloy Silverstein Accountant and Advisor is just one phone or video call away.
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