Qualified homeowners making less than $150,000 in 2021 will receive a tax credit of $1,500, while those making $150,000 to $250,000 will receive a tax credit of $1,000.
- By
- Tennyson Donyéa December 20, 2022
Officials in New Jersey are urging people to apply for property tax relief under the new ANCHOR program before the Jan. 31, 2023 deadline.
Qualified homeowners making less than $150,000 in 2021 will receive a tax credit of $1,500, while those making $150,000 to $250,000 will get a tax credit of $1,000. Renters who made $150,000 or less will receive a direct check for $450.
The program was a key component of this year’s state budget. Democrats claim it will make the state more affordable, despite Republicans asserting the program would not do enough.
Related Content
N.J. lawmakers move to redact addresses for elected officials from the public record
The Legislature is a step closer to removing a requirement that lawmakers’ addresses be kept private, except for the town and county where they own land.
2 years ago
The Murphy Administration said Monday that roughly half of the state’s expected two million eligible residents have already applied. In the fall, state leaders extended the application deadline from October to January to include people enrolled in a Payment in Lieu of Taxes (PILOT) program.
Assemblyman Roy Freiman (D-Somerset) noted that, historically, raising public awareness about first-time programs like ANCHOR can be challenging.
“It’s brand new, it’s new in scope, I think it takes time [to get people] to become aware of something that passes in the budget in the end of June, to rolling out with a deadline in October,” Freiman said. “We want to make sure we get the actual refund checks out as quickly as possible.”
Peter Chen, a policy analyst with the New Jersey Policy Perspective (NJPP), said tax credit programs like ANCHOR are hard to implement and the application process can be complex and laborious, which he worries may discourage some from applying.
“The more qualifications requirements that are required to access a program rather than automated, automatic or universal programs, the harder it is for people to actually access the benefit,” Chen said. “The more likely it is to be concentrated among higher income groups.”
Related Content
Community
More than ever: Camden’s Salvation Army toy shop sees record number families seeking help
About 1,700 families signed up for the toy shop at Camden’s Kroc Center, but more help is needed to serve the more than 400 families on the waitlist.
2 years ago
Chen said property tax benefits are more accessible when there is less paperwork involved, but warned the trade off is a longer turnaround time to process applications. Chen added that New Jersey’s tax system infrastructure may not be able to handle a heavy influx of applications or application-related inquiries.
“Unfortunately, the reality is, the people who are struggling to make ends meet, day-to-day, are also the people who have the least time, the least energy, and the least capacity to go and wait on hold to see if they qualify,” Chen said.
Democrats hope to begin sending rebate checks to people by spring 2023.
The state has set up a hotline for ANCHOR-related questions at 1-888-238–1233. The Division of Taxation has a list of frequently asked questions on its website.
WHYY is your source for fact-based, in-depth journalism and information. As a nonprofit organization, we rely on financial support from readers like you. Please give today.
You may also like
N.J. Democrats announce property tax relief, GOP to seek vote on rebate
Homeowners making less than $150,000 will receive a tax credit of $1,500, while those making $150,000 to $250,000 will receive a tax credit of $1,000.
2 years ago
N.J. property tax relief program could expand to nearly 2 million residents — including renters
Under the governor’s proposal, the state would see the number of New Jerseyans eligible for property tax rebates more than triple.
3 years ago
What New Jersey’s cannabis ballot measure could mean for Pennsylvania
Pa. faces a new dynamic if and when it considers whether to pursue its own recreational marijuana legalization measure.
4 years ago