If you haven’t yet applied for the New Jersey property tax rebate program or the ANCHOR rebate program, you need to hurry as the deadline is fast approaching. The deadline to apply for the ANCHOR rebate program has already been extended twice, and now, New Jersey residents have less than a week to apply for this rebate.

ANCHOR Rebate Program: What’s The Deadline?

In January, Governor Phil Murphy extended the deadline for the New Jersey property tax rebate program to ensure all eligible residents can benefit from the rebate. Previously, the deadline was January 31, but it was extended to February 28, 2023.

“For more than a million homeowners, ANCHOR’s direct relief will effectively undo years of property tax increases – even up to a decade’s worth. And for nearly one million renters, ANCHOR’s tenant relief will cushion rent hikes,” said Governor Murphy said at the time of extending the deadline. “Today, working with the Senate President, Speaker, and Treasurer, I am proud to give every eligible New Jerseyan an extra month to apply.”

New Jersey’s ANCHOR program, which replaces the Homestead Benefit, is bigger both in terms of coverage, as well as the rebate amount. Specifically, the ANCHOR program covers about double the amount of homeowners and almost a million tenants, who were previously not eligible for property tax relief.

Under the New Jersey property tax rebate program, more than 870,000 homeowners with an annual income of up to $150,000 will get a rebate of $1,500, while about 290,000 homeowners with annual income over $150,000 and up to $250,000 will qualify for $1,000 in rebate. Additionally, more than 900,000 renters with annual incomes up to $150,000 will get $450.

According to New Jersey’s taxation department, it will start issuing the rebate in the late spring of 2023. The rebate will be sent through a direct deposit or check.

New Jersey Property Tax Rebate: How To Apply

Eligible homeowners and renters can apply for the New Jersey property tax rebate program online. Additionally, homeowners also have the option to apply by phone (1-877-658-2972) or via paper application.

Those who have already applied for the ANCHOR rebate program can check the status of their application online. If you applied online or by phone, then the status of your application should be available within two weeks of the application date. Paper applications, on the other hand, can take up to 12 weeks to process.

To check the status of your application, you need to visit the New Jersey Division of Taxation webpage. You will have to enter your Taxpayer Identification Number (Social Security number or Individual Taxpayer Identification Number). Once you enter the details, the system will tell you if it has received your application, if your application is being processed, and the date your rebate will be sent.

This article originally appeared on ValueWalk

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