New Jersey homeowners and renters could soon have some money coming their way. Residents who meet the requirements could get up to $1,500 in the form of property tax rebate checks from New Jersey. Homeowners and renters will have to apply to get the rebate.

What Is The ANCHOR Property Tax Relief Program?

A few months back, Gov. Phil Murphy approved a new $2 billion property tax relief program. This program was part of the state’s $50.6 billion budget. A smaller version of the rebate program was included in Murphy’s initial budget proposal, which was unveiled in early March.

Under the new property tax relief program, called ANCHOR (Affordable New Jersey Communities for Homeowners and Renters), eligible residents who owned or rented their home as of Oct. 1, 2019, could get property tax rebates.

“This program provides property tax relief to New Jersey residents who owned or rented their principal residence (main home) on October 1, 2019, and met the income limits,” the program’s website says.

To get the property tax rebate from New Jersey, homeowners and renters must have filed state income taxes and met income requirements. It must be noted that the rebate applies to primary residences only.

Eligible homeowners with an annual income of $150,000 or less will get $1,500 in the form of property tax rebate checks from New Jersey. Similarly, homeowners earning more than $150,000 and up to $250,000 will qualify for $1,000. Renters, on the other hand, will get $450 if their income is $150,000 or less.

Property Tax Rebate Checks From New Jersey: How To Apply

Eligible homeowners can apply for the rebate online, by phone, or upload and mail their application and necessary attachments using the electronic filing system. Some homeowners can only apply via paper application (to know more, visit this link).

Homeowners will need to have an ANCHOR ID and PIN if they are applying online or by phone. If a homeowner doesn’t get a mailer or email with an ID and PIN, then he or she can retrieve the ID and PIN by accessing the online ID and PIN inquiry system. Homeowners, however, can only retrieve the ID and PIN if they filed a Homestead Benefit application last year.

Renters also can apply online, or upload and mail a paper application and required attachments using the electronic filing system. It must be noted that renters don’t get the option to apply over the phone.

New Jersey will issue the rebate in the form of checks or direct deposits. The checks will start going out in late spring 2023, and the authorities expect to send all payments by May 2023. Those who applied first won’t necessarily get the payment earlier than others.

To get more information on the ANCHOR program, including eligibility requirements and payment timeline, visit the New Jersey Treasury Department website. The last date to apply for the property tax rebate checks from New Jersey is Dec. 30, 2022.

This article originally appeared on ValueWalk

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