When NJ residents can expect their next ANCHOR rebate

💲 The process on a third year of ANCHOR payments is about to begin

💲 ANCHOR benefits go to both homeowners and renters

💲 You may not have to do anything in order to receive your next payment

The ANCHOR property tax relief program is part of New Jersey's budget once again.

That means scores of Garden State residents can expect some extra cash by year's end.

The New Jersey Department of the Treasury is expected to announce details in the coming weeks regarding the next round of the ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) benefit.

In 2023, letters about ANCHOR started hitting mailboxes in the middle of August.

How do I receive my ANCHOR payment?

It's likely you won't have to do anything in order to receive a check or direct deposit for your next ANCHOR payment.

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.

But individuals who need to change key information will have to do so online before a certain date in order to receive their funds. That date is not yet known. The website will eventually be updated to accept changes for the next round.

If this is your first year of eligibility, you should receive an application in the mail. Or you can apply online when the site for the next round of ANCHOR goes live.

How much is my ANCHOR payment?

This 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.

In 2023, payments started hitting bank accounts in the middle of October.

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