Economy

Deadline Extended to Claim ANCHOR Tax Relief From New Jersey

Some New Jersey homeowners and renters are eligible for a tax rebate under the state’s ANCHOR Property Tax Relief Program. To be eligible for this ANCHOR tax relief from New Jersey, homeowners and renters must have filed state income taxes. Additionally, taxpayers need to file an application to claim the tax relief under the ANCHOR program.

Initially, the deadline to file an application was Dec. 30, 2022. If you won’t be able to meet this deadline, don’t worry, this deadline has been extended to the end of next month, i.e., Jan. 31, 2023.

ANCHOR Tax Relief From New Jersey: Who Will Get It?

New Jersey’s ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) relief program offers more than $2 billion in aid for the fiscal year 2023. Eligible taxpayers could get up to $1,500 in the form of tax relief.

More than 900,000 renters and about 1.16 million homeowners will get the money under the ANCHOR Property Tax Relief Program.

As stated above, homeowners and renters must have filed state income taxes to be eligible for the relief money. In addition to this, taxpayers’ income will also decide the eligibility for the relief money and the final relief payment amount.

For instance, homeowners with income up to $150,000 will get $1,500, while those with income between $150,000 and $250,000 will get $1,000 in ANCHOR tax relief from New Jersey. Similarly, renters with income up to $150,000 will get $450.

Apart from filing taxes and income requirements, residents must have owned or rented a home on Oct. 1, 2019 and filed or be exempt from state taxes.

ANCHOR Property Tax Relief Program: How To Apply

Eligible homeowners can apply for the ANCHOR tax relief from New Jersey either online or by phone, or a physical application (not for all). Homeowners can apply online using this link or calling 1-877-658-2972. Those who file a paper application need to print Form ANCHOR-H and mail it along with the required documents.

Homeowners will need to have an ANCHOR ID and PIN to apply for assistance online or by phone. Those who filed a Homestead Benefit application last year but didn’t get the ANCHOR information mailer or an email with an ID and PIN, need to retrieve their ID and PIN by visiting the online ID and PIN inquiry system. In case you are unable to retrieve your ID and PIN, you can call the ANCHOR Hotline at 1-888-238-1233.

Some homeowners, however, aren’t allowed to apply online or by phone. They need to file a paper application to claim the relief money. To know more about this, visit this link.

Renters can only apply online or through a paper application (phone option isn’t available for them).

Eligible homeowners and renters will get the payment as a check or direct deposit. The authorities will start sending the relief payments beginning in late Spring 2023. It must be noted that the relief money won’t be issued in the same order the applications are received.

This article originally appeared on ValueWalk

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