Check your bank account — NJ begins sending ANCHOR rebates

💲 NJ officials announce ANCHOR rebate checks are going out this week

💲 The first 700,000 payments should be showing up in your bank account

💲 What to do if you did not get your ANCHOR rebate

New Jersey has begun paying out the latest round of ANCHOR property tax rebates.

State officials announcing the first 700,000 eligible residents should start seeing the money in their bank accounts today.

If you elected to receive a paper check, treasury officials say those will be mailed out starting next week.

According to a statement from New Jersey State Treasurer Elizabeth Muoio, "Nearly every ANCHOR applicate who has applied to date should receive their benefit by Nov. 1."

What if I didn't file for an ANCHOR rebate?

It's very likely you didn't have to.

If you received a rebate last year, the state automatically filed a new application for you for the latest round of rebates.

As long as your mailing address and bank information are the same as the last time you received your benefit, you're good to go.

All other applicants who did not receive a payment last year have until Dec. 29 to file an application.

Here is the link to the online application.

How much is my ANCHOR payment?

This round covers the 2020 tax year. If you owned or rented a primary residence as of Oct. 1, 2020, and brought in $250,000 or less for the year, are eligible for ANCHOR benefits.

Homeowners who were under the age of 65 in 2020 and brought in $150,000 or less in gross income that year should receive $1,500. The payment goes down to $1,000 for 64-and-younger homeowners in 2020 that brought in between $150,001 and $250,000.

Homeowners who were at least 65 years old in 2020 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.

What if I didn't get my ANCHOR rebate?

If you were expecting a benefit, but didn't get it, the first thing to do is check the status of your application.

You can do that on-line by following this LINK.

There are also a number of reasons the state may have kept your money.

Even if your were deemed eligible for an ANCHOR rebate, they state may have seized your money for certain unpaid debts.

Follow this LINK to see the reasons New Jersey may have kept your money and ways you might be able to get it back.

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