New Jersey’s ANCHOR property tax relief program has been a success, as approximately 1.7 million New Jersey homeowners and renters applied for the program, according to a Wednesday announcement from Gov. Phil Murphy and Treasurer Elizabeth Maher Muoio.
That’s up to $1,500 of real, tangible property tax relief for nearly 2 million New Jerseyans.
“My administration has once again responded to the concerns of hardworking families not by offering empty words and promises, but by delivering on the promise of affordability and real property tax relief,” Murphy said. “New Jerseyans are now better positioned to pursue their own American Dream, a pursuit that has been too often hindered by high costs of living and affordability constraints.”
Of the applications, more than 1.1 million were filed by homeowners and more than 480,000 were filed by renters, who were eligible for property tax relief for the first time in a generation.
“Since ANCHOR’s launch in September, we have prioritized ensuring every New Jersey taxpayer is aware of this program through print, television and billboard advertising, in-person outreach and social media,” Maher Muoio said. “The success of those efforts is evident in the huge number of eligible taxpayers who have applied. This is an enormous step in our continuing efforts to ensure New Jersey remains affordable for those who call our state home.”
The Affordable New Jersey Communities for Homeowners and Renters property tax relief program was announced in the Fiscal Year 2023 state budget, replacing the Homestead Benefit program and expanding the number of eligible taxpayers.
While originally slated for a three-year phase-in, the $2 billion ANCHOR program was fully funded in the FY2023 appropriation. Murphy announced in his FY2024 budget address on Tuesday that the program would again be fully funded.
“In last year’s budget process, we discussed going bigger and bolder with property tax relief and we delivered,” said Assembly Speaker Craig Coughlin (D-Woodbridge). “By committing to ANCHOR for a second year, we will send the message: Sustained property tax relief is here.”
“Families need this tax relief. The impact of the ANCHOR program will be felt by families this spring when the Department of Treasury deposits and mails the first rebate checks,” Assemblywoman Lisa Swain and Assemblyman Chris Tully (both D-Paramus) said.
To be eligible for this year’s benefit, homeowners and renters must have occupied their primary residence on Oct. 1, 2019, and file or be exempt from New Jersey income taxes. Homeowners who earned between $150,000 and $250,000 in 2019 may be eligible for a $1,000 rebate, homeowners who earned up to $150,000 in 2019 may be eligible for a $1,500 rebate and renters who earned up to $150,000 in 2019 may be eligible for a $450 rebate.
Payments will be issued in the form of checks or direct deposits sent no later than May 2023 and will not be subject to state income tax.