Economy

NJ ANCHOR Property Tax Relief Rebate Payments Starting Tuesday

Aman Jain

Published: March 28, 2023 10:04 pm

New Jersey residents eligible for the ANCHOR property tax relief payments could receive the money as soon as this week. On Monday, the state announced that the first batch of ANCHOR property tax relief rebate payments via direct deposit would go out Tuesday.

When To Expect The Payment

In a statement on Monday, Gov. Phil Murphy announced that more than 800,000 direct deposits would be sent out under the ANCHOR property tax relief program this week. The paper checks will be issued to eligible recipients during the first week of April.

“At a time when families are facing increasing pressure on their wallets, it’s a good feeling to know we are following through on our promise to make New Jersey more affordable,” Gov. Murphy said in a statement.

New Jersey expects the majority of payments to be issued before May 3. The payment could be delayed for some recipients. As per the Treasury Department, applications that require additional information could take longer to process.

Applicants can check the status of their payment by visiting this link. Those who are eligible for ANCHOR property tax relief rebate payments but don’t get them by May 3 are recommended to use the status inquiry link or call (888) 238-1233 for more information.

If the status link says the payment has been issued, but you haven’t received it, then you need to call the hotline. Those expecting a direct deposit should call a week after a direct deposit is supposed to go out, while those expecting a paper check should call two weeks after a check is supposed to be mailed.

ANCHOR Property Tax Relief Rebate Payments: Who Will Get Them And How Much?

According to the state’s Treasury Department, over 1.7 million people applied for the program, including 1.25 million homeowners and over 514,000 renters. The deadline to apply for the program was extended twice, initially from Dec. 30 to Jan. 31, and then to Feb. 28.

The ANCHOR property tax relief rebate payments are not subject to federal or state income taxes, which means taxpayers don’t need to report it as New Jersey income.

To qualify for the payment, homeowners and renters should have occupied their primary residence on Oct. 1, 2019. There are no age restrictions. The program is expected to benefit about 2 million taxpayers with an average payout of $971.

Eligible homeowners with annual income of up to $150,000 will get a rebate payment of $1,500, while those with income $150,000 to $250,000 qualify for $1,000. As well, eligible renters with an annual income of up to $150,000 will get $450.

Gov. Murphy first announced this rebate program in March 2022, i.e., during his 2023 budget address. Last month, the governor announced that he plans to continue with the program next year.  The ANCHOR program builds on the previous Homestead Benefit property tax relief program.

This article originally appeared on ValueWalk