NJ ANCHOR payment coming; what to know about your rebate

New Jersey homeowners and renters will soon receive either first-time or renewal applications for the Communities for Homeowners and Renters — ANCHOR — program, established to provide relief for the majority of New Jerseyans who meet the income threshold.

Here's what you need to know about the application, including the filing deadline and how much you can expect to receive.

What is New Jersey's ANCHOR program?

According to the New Jersey Division of Taxation , the ANCHOR program offers property tax relief to New Jersey residents who own or rent property in New Jersey, use it as their main home and meet certain income limits.

This year's ANCHOR benefit is based on residency, income, and age from 2021.

CountyOffice.org also published a video that further explained the general nuances of the ANCHOR program:

New Jersey homeowners who were younger than 64 in 2021 and have a gross income of less than $150,000 will receive $1,500. Those homeowners who were 65 or older in 2021 will receive $1,750.

New Jersey renters who were 64 and younger in 2021 will receive $450, while reenters who were older than 64 in 2021 will receive $700.

I live in New Jersey; am I eligible for ANCHOR?

The ANCHOR qualifications and income thresholds for New Jersey homeowners and renters similar.

For homeowners:

• You owned and occupied a home in New Jersey that was your principal residence (main home) on October 1, 2021; and
• 2021 property taxes were paid on that home; and
• Your 2021 New Jersey gross income was $250,000 or less.

For renters:

• You occupied a home in New Jersey that was your principal residence (main home) on October 1, 2021; and
• 2021 property taxes were paid on that home; and
• Your 2021 New Jersey gross income was $250,000 or less.

ANCHOR applications going out this week; how to apply

New Jersey residents will soon receive ANCHOR applications, as the NJ Division of Taxation began sending out the applications this week.

There are two ways in which New Jersey residents can apply for the ANCHOR program.

You can fill out and submit the ANCHOR application online or you can opt to fill out the ANCHOR paperwork to mail in.

The printed applications can be found in the complete packet for homeowners and renters sections of the ANCHOR information website.

When will I receive my ANCHOR payment?

You will receive your ANCHOR benefit a few weeks after your application has been filed and accepted.

"We will start distributing ANCHOR benefits in the fall, and continue on a rolling basis," read New Jersey's ANCHOR information website. "Most applicants will receive their payment about 90 days after applying, unless additional information is needed to process the application."

Damon C. Williams is a Philadelphia-based journalist reporting on trending topics across the Mid-Atlantic Region.

This article originally appeared on Bucks County Courier Times: NJ ANCHOR payment coming; what to know about your rebate