More than 800,000 New Jersey taxpayers will receive their ANCHOR rebate payment Tuesday through direct deposit, the state announced Monday afternoon.
Following the issuance of the direct deposit payments, paper checks will begin to be mailed during the first week of April, in batches of mailings.
The checks, which will be for as much as $1,500, will be distributed as follows:
- $1,500: Homeowners with income of $150,000 or less;
- $1,000: Homeowners with income of more than $150,000 and up to $250,000;
- $450: Residential renters with income of $150,000 or less. (You must have paid rent to be eligible.)
More cash back coming?
The ANCHOR program was established in the Fiscal Year 2023 state budget. Gov. Phil Murphy has proposed continuing the full $2 billion in funding for Fiscal Year 2024 in his upcoming budget, which has not yet been approved by the Legislature.
Gov. Phil Murphy, who made the announcement along with Treasurer Elizabeth Maher Muoio, said the checks are proof of his pledge to make the state more affordable.
“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,” he said. “This is real relief getting sent to more of our hardworking taxpayers than ever before, proof that a future we are determined to make more affordable and full of opportunity is possible.”
More than 1.7 million New Jersey residents applied for the ANCHOR rebate program, including 1.25 million homeowners and over 514,000 renters. The majority of payments will be issued before May 3, with applications that need additional information potentially taking more time to finalize.
Residents who are concerned about not receiving a direct deposit Tuesday can check the status of their application and payment here.
Why is it called ANCHOR?
You gotta love those government programs acronyms. ANCHOR stands for the Affordable New Jersey Communities for Homeowners and Renters property tax relief program. It updates and expands upon the former Homestead Benefit property tax relief program by extending eligibility to renters for the first time in a generation, as well as increasing the income threshold for eligible homeowners.
If no payment is received by May 3, the state said applicants should use the status inquiry link or call 888-238-1233 for more information. If the status says a payment has been made, but has not yet been received, taxpayers should call the hotline one week after a direct deposit was supposed to go out or two weeks after a check was supposed to be mailed.
The top leaders in the Legislature offered their thoughts on returning money to taxpayers:
- Assembly Speaker Craig Coughlin (D-Middlesex): “We made property tax relief a top priority in our budget, and we delivered the largest property tax relief program in state history. The ANCHOR program expanded eligibility to more families and increased the amount given to historic highs. As we continue to make New Jersey more affordable, we will build on this success.”
- State Sen. President Nick Scutari (D-Union): “It is great to see the checks getting out the door and into the hands of hardworking residents. As many families struggle to make ends meet, the ANCHOR program will provide much-needed assistance to both homeowners and renters. It is an important part of our ongoing commitment to making New Jersey more affordable and delivering meaningful property tax relief.”