ANCHOR Deadline Just Days Away: What It Means For NJ Residents

NEW JERSEY — Time is running out for New Jersey homeowners and renters to sign up for the ANCHOR property tax relief program.

The state extended the deadline to Friday, Dec. 6 for new applicants, giving residents an extra week to check if they qualify and submit their application. More than $2 billion was included in the state budget for ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) this year.

Eligibility and payments for this year's ANCHOR program are based on 2021 residency, income, and age. For that year, homeowners must have had an annual gross income of $250,000 or less, and renters must have had an annual income of $150,000 or less to be eligible.

Two million people are expected to get a property tax benefit this year, with payment amounts ranging from $450 for renters to $1,500 for homeowners. There is an extra $250 available to eligible senior residents.

Payments are issued on a rolling basis, once an application is approved.

Those residents who applied, but haven't seen their benefit arrive in the mail or in their bank accounts can go to the "Check Benefit Status" page on the Division of Taxation website. To do so, you'll need a valid Social Security Number/ Individual Taxpayer Identification Number (ITIN), and your ZIP code. Select the 2021 tax year from the list of options.