The New Jersey state government is preparing to roll out another round of its Anchor property-tax relief program. An estimated 1.5 million taxpayers will be automatically enrolled for these benefits, which are aimed at offsetting some of the state’s high local property taxes. The program, known for providing significant relief to both homeowners and renters, promises to once again deliver as much as $1,750 per eligible household.
Overview of Anchor Program
The Anchor program—short for “Affordable New Jersey Communities for Homeowners and Renters”—was introduced in 2022 to replace the long-standing Homestead benefit. Unlike the Homestead program, which had limited relief to homeowners in its final years, the Anchor program includes renters and provides higher benefit amounts to all eligible participants.
The program is funded by more than $2 billion from the state budget and is expected to reach close to 2 million taxpayers across New Jersey who meet the income and residency requirements. This includes over 1 million homeowners and many renters who pay property taxes indirectly through their rent payments.
Eligibility and Benefit Amounts
Homeowners
- Homeowners earning up to $150,000 annually in 2021 are eligible to receive Anchor benefits of $1,500.
- Homeowners earning between $150,000 and $250,000 annually in 2021 qualify for benefits totaling $1,000.
Renters
- Renters with an income of up to $150,000 annually in 2021 are eligible to receive Anchor benefits of $450.
Seniors
- Seniors aged 65 and older qualify for an additional $250 in benefits.
- This boosts the maximum benefit for senior homeowners to $1,750.
- Senior renters can receive up to $700.
Despite rising property tax bills in New Jersey, the Anchor benefit amounts remain unchanged from last year, according to details outlined in the fiscal year 2025 state budget.
Information about the program is available at anchor.nj.gov. Applicants may also call the ANCHOR hotline (609) 826-4282 or 1-888-238-1233, or get in-person assistance at a Regional Information Center.
Automatic Enrollment and Notification
Starting on August 19, 2024, letters will be sent to approximately 1.5 million households notifying them that they have been automatically enrolled in the program. These letters will confirm that applications have been automatically submitted to the state.
Need for Updates
For those whose application information needs to be updated—such as a change in mailing address or banking details—the state has set a deadline of September 15, 2024 to submit any corrections through a new application process.
Application Process for Non-Automatic Enrollees
In addition to the automatic enrollees, the New Jersey Department of Treasury’s Division of Taxation will mail information later in August to another 2 million households, encouraging them to apply for the Anchor benefits. These households may include people who were not part of the automatic enrollment or those new to the program.
Deadline
The final deadline for submitting applications for the current round of Anchor benefits is November 30, 2024. Treasury officials have urged applicants to ensure their information is accurate and complete to avoid delays.
How Benefits Are Distributed
Eligible recipients of the Anchor benefits will receive their payments either via check or direct deposit. Payments will be made on a rolling basis starting in November 2024.
These benefits are aimed at easing the financial burden of high property taxes, which continue to rise for many New Jersey residents. The relief provided by the Anchor program is a welcome reprieve for those struggling to meet their tax obligations.
Fraud Prevention and Security Measures
To combat potential fraud, the New Jersey Department of Treasury is enhancing its security measures for the Anchor program. This year, many applicants will be required to undergo additional identity verification steps during the application process.
Groups Requiring Additional Verification
- New applicants
- Applicants who need to search for their Anchor ID/PIN at the state’s official website, anchor.nj.gov
- Individuals who did not receive a confirmation letter for automatic enrollment or a mailed application notice
- Those who have lost their application letter or the accompanying information
These additional layers of verification aim to ensure that benefits are distributed only to those who are genuinely eligible, minimizing the risk of fraud.
Improved Application Support
The New Jersey Treasury is making it easier for residents to get help with their Anchor applications by doubling the number of call center agents available to assist with questions. Additionally, an automatic callback feature will be implemented, allowing applicants to be placed in a queue rather than waiting on hold.
Dedicated Hotline
For those seeking assistance, the state has set up a dedicated Anchor hotline at:
- (609) 826-4282
- 1-888-238-1233
Online Application for Supporting Documents
The Treasury is also introducing a new online application process for residents required to submit supporting documentation. In previous years, such applicants would have been forced to submit paper applications. Now, they can securely upload the necessary documents online. However, the state will continue to accept paper applications for those who prefer that method or have special circumstances.
Conclusion
The Anchor property-tax relief program is set to provide much-needed financial assistance to millions of New Jersey residents. Whether you are a homeowner or a renter, if you meet the eligibility requirements, this program could help alleviate some of the financial strain caused by rising property taxes.
With automatic enrollment notifications rolling out in August and payments beginning in November, New Jersey residents should keep an eye out for letters from the state to ensure they receive their benefits. Those who need to apply manually or update their information should act before the September 15 and November 30 deadlines to ensure timely processing of their benefits.
