Don’t miss out: NJ changes some rules for newest ANCHOR rebates

💲 ANCHOR deadlines are earlier in 2024

💲 Applicants will face additional ID verification

💲 Double check whether your payment should be automatic this year

Notices are about to hit millions of mailboxes throughout New Jersey, to get the ball rolling on another round of property tax relief.

Many residents likely won't have to do anything at all in order to receive the newest round of ANCHOR payments. But for those who do need to apply or make changes, deadlines attached to the perk are earlier than usual this year, and the state's taking extra steps to deter fraud.

The New Jersey Department of Treasury announced on Tuesday that letters will be mailed to about 1.5 million residents, starting Aug. 19, to confirm their automatic eligibility for this year's payment.

If the recipient's personal information (name, mailing address, and banking information for a direct deposit) hasn't changed since their last ANCHOR payment, they can sit back and wait for the funds to hit their account.

But if that information has changed, a new application will have to be filed by Sept. 15.

Beginning Aug. 26, mailers will be sent to more than two million residences, to reach homeowners and renters who are newly eligible or those who have not previously applied for the relief payment.

The deadline for new filers is Nov. 30. That's about a month earlier than 2023's filing deadline.

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This is the third year for New Jersey's ANCHOR program. Last year's ANCHOR benefits, which covered the 2020 tax year, totaled more than $2.1 billion. The payments were distributed to more than 1.8 million homeowners and renters.

Added security online

An extra level of ID verification is in place in 2024 for applicants, "as part of ongoing efforts to prevent fraud and safeguard taxpayer dollars," according to New Jersey officials.

New applicants, and individuals trying to confirm their eligibility for the payment, will have to use an ID.me account to verify their identity. Or applicants can verify their identity by showing up in person to the one of the Division of Taxation's Regional Information Centers.

How much money, and when?

According to mailers already received by residents, distribution of ANCHOR benefits will begin on Oct. 1.

This latest round covers the 2021 tax year. Renters and homeowners can be eligible for the payment.

Folks who owned or rented a primary residence and brought in $250,000 or less for the year are eligible for ANCHOR benefits.

Homeowners who were under the age of 65 and brought in $150,000 or less in gross income should receive $1,500. The payment goes down to $1,000 for 64-and-younger homeowners that brought in between $150,001 and $250,000.

Homeowners who were at least 65 years old in 2021 are scheduled to receive $1,750, if their gross income was $150,000 or less. The payment is $1,250 for older residents who made between $150,001 and $250,000.

The majority of renters will receive $450. Renters that are at least 65 years old and earn $150,000 or less per year will receive an additional $250.

Anyone with questions can call the ANCHOR hotline at 609-826-4282 or 1-888-238-1233. In-person assistance is available at a Regional Information Center.

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