ANCHOR Property Tax Relief payments could start appearing in New Jerseyans’ bank accounts as soon as Thursday, according to a Wednesday evening announcement from Gov. Phil Murphy and state Treasurer Elizabeth Maher Muoio.
The property tax rebates for tax year 2020, which could be worth up to $1,750, will be deposited via direct deposit to more than 700,000 state residents, the Department of Treasury said in a news release.
For those who opted to receive paper checks, they will be mailed out starting next week, Treasury added.
“For years, property taxes have been one of the most pressing concerns for homeowners across New Jersey,” Murphy said in a prepared statement. “Together with our partners in the Legislature, we are making New Jersey significantly more affordable for millions of households. I’m particularly pleased that the latest round of ANCHOR relief payments will be delivered to the vast majority of applicants in a much more timely fashion, thanks to the efficiencies employed by the Division of Taxation.”
The benefit, formally the Affordable New Jersey Communities for Homeowners and Renters program, began last year, when more than 1.7 million renters and homeowners applied for and received a payment of between $450 and $1,500 for the 2019 tax year. This year’s payment has increased the payment to seniors by $250, to a range of $700 to $1,750, while those under 65 will continue to receive between $450 and $1,500.
The department said “nearly every ANCHOR applicant” who has applied to date should receive their benefit payment by Nov. 1, and payments will continue on a rolling basis as eligible residents apply.
“A major goal from the very beginning of this administration has been to make New Jersey a more affordable place to live, work and raise a family,” Muoio said in a statement. “The ANCHOR program is getting money into the pockets of those who need it most at a time when everyone is feeling the effects of higher costs.”
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