Homeowners and renters can get $1,500 in free cash as ‘anchor’ program launches – letter you must watch for in the mail

OVER 1.5 million homeowners and renters are eligible for a $1,500 payout after a new program was launched.

New Jersey residents are encouraged to keep checking their mail for further details.

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On August 19, New Jersey launched their 2024 Anchor program.

Anchor stands for Affordable New Jersey Communities for Homeowners and Renters.

The Anchor program is set to “provide property tax relief to New Jersey residents who own or rent property in New Jersey as their principal residence and meet certain income limits,” as per the Treasury’s Division of Taxation .

As of Monday, over 1.5 million taxpayers were sent letters to their homes with instructions on how to submit their claims.

The program first launched in 2022, and Governor Phil Murphy said that New Jersey is working hard to “increase affordability for millions of New Jerseyans.”

State Treasurer Elizabeth Maher Muoio called the program “one of the most impactful property tax relief initiatives in New Jersey’s history.”

Last year, over $2.1 billion was distributed to more than 1.8 million people.

Payments ranged from $450 to $1,500. Applicants aged over 65 received an additional $250.

“ANCHOR will deliver much needed relief to help ease the burden of property taxes for middle class families, senior citizens and working people throughout the state,” wrote Senate President Nick Scutari.

“This program provides direct financial assistance for homeowners and renters who need it most.”

This year, the program was made more accessible so “residents can smoothly and easily get property tax relief,” as per New Jersey Chief Innovation Officer Dave Cole.

According to the press release, the payments will begin in November, with the deadline to file being at the end of that month.

WHO IS ELIGIBLE?

The 2024 Anchor program is eligible for an array of homeowners and renters .

New Jersey homeowners with an income of $150,000 or less will receive $1,500.

New Jersey homeowners with an income of over $150,000 and up to $250,000 will be eligible for a $1000 payout.

2024 Anchor Eligible Candidates

In order to be eligible for the 2024 Anchor program, you'll need to be:

• New Jersey homeowners with an income of $150,000 or less
• New Jersey homeowners with an income between $150,000 and $250,000
• Renters with an income of $150,000 or less

Renters with an income of $150,000 or less will receive $450.

Those who are eligible will receive a letter in the mail with further information, similar to last year.

If homeowners and renters have changed their information since the last payout , they must create a new application by September 15, 2024.

Additionally, applicants will be prompted to go through an extra level of identity verification.

This is only applicable to new applicants, those who didn’t receive an Anchor benefit confirmation letter, or those who don’t have the information provided on their anchor letter.

New Jersey residents are encouraged to visit the anchor.nj.gov website for further information or call the Anchor hotline at (609) 826-4282.

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